Energy Prospectus

Stifel in a report dated 9/12/2016: "PDCE shares are currently valued at a 16% discount to our Permian Basin peer group (based on equally weighted EV/2017 EBITDA and price/NAV multiples) (Figure 1 and 2). We look for the valuation gap to narrow if well results support the assumptions embedded in PDCE's acquisition model given the company's peer-leading organic production growth (54% y/y in 2Q16), what we view as its strong balance sheet, and robust returns."

Stifel rates PDCE a BUY with an $80 price target. My valuation is $87/share.