Piper Sandler analyst Mark Lear raised the firm’s price target on Permian Resources (PR) to $27 from $24 and keeps an Overweight rating on the shares. Piper cites its increased price deck for the target bump. The firm increased its mid-cycle crude price forecast to $75 per barrel from $70 amid the Iran war. The analyst expects lasting supply impacts. Higher prices are required to incentivize investment in production, the analyst tells investors in a research note.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PR:
- Permian Resources price target raised to $22 from $17 at Goldman Sachs
- Permian Resources price target raised to $21 from $17 at Citi
- Permian Resources downgraded to Hold from Buy at Benchmark
- Permian Resources price target raised to $24 from $20 at Piper Sandler
- Permian Resources price target raised to $23 from $19 at UBS