Morgan Stanley analyst Devin McDermott upgraded Range Resources (RRC) to Equal Weight from Underweight with a price target of $49, up from $40. The company initiated a three-year outlook targeting capital efficient production growth, delivering 20% higher volumes by 2027, the analyst tells investors in a research note. The firm says Range’s combination of capital efficient growth and stronger natural gas prices bring the stock’s valuation more in line with peers and create a more balanced risk/reward profile.
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