Jefferies Upgrades Newfield Exploration (NFX) to Buy

Jefferies upgraded Newfield Exploration (NYSE: NFX) to Buy with a price target of $46 (up from $38).

The firm comments, "Upgrade predicated on valuation. Shares currently trade at ~30% discount to our proved-only NAV. After a year of underperformance, NFX's risk-reward looks appealing with dry gas reserves largely written off and Bakken, Cana, Malaysia, and Monument Butte providing predictable and economic near-term growth. PT increase to $46 from $38 driven by a higher long-term oil price assumption."

The firm raised FY12 EPS from $2.99 to $3.13 and FY13 EPS from $2.96 to $3.45.

For an analyst ratings summary and ratings history on Newfield Exploration click here. For more ratings news on Newfield Exploration click here.

Shares of Newfield Exploration closed at $32.32 yesterday.

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