Susquehanna upgrades Permian Resources to Positive on recent pullback

Susquehanna analyst Biju Perincheril upgraded Permian Resources (PR) to Positive from Neutral with a price target of $20, up from $17. The firm says Permian has “successfully built scale” through acquisitions while also making significant improvements in capital efficiency. However, the shares are trading at a discount to peers, the analyst tells investors in a research note. As such, the firm believes the recent pull back creates an attractive risk/reward for the name.