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Fly News Breaks for March 1, 2018
PDCE
Mar 1, 2018 | 08:13 EDT
As previously reported, MUFG analyst Michael McAllister upgraded PDC Energy to Overweight from Neutral, calling it one of the small to mid cap E&Ps that has been "caught in no man's land" amid the recent clamor for return of capital. However, he believes PDC's best use of cash flow is redeployment and thinks the company now looks to be on firm footing in the Delaware operationally. McAllister, who thinks the discount being applied to PDC shares versus its peers is too wide, raised his price target on the stock to $71 from $60.
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