Citi analyst Robert Morris raised his price target for Pioneer Natural Resources to $250 from $215 and added the shares to his firm's U.S. Focus List. The analyst views the recent pullback as a buying opportunity given the company's "deep high-return inventory" in the core of the Permian Midland Basin, "strong" balance sheet and "attractive" valuation relative to its Permian peers. The Street is overlooking Pioneer's "significant" improvement in margins and operating costs it will attain with the sale of its non-Permian assets and as Permian horizontal production becomes a larger proportion of total production, Morris tells investors in a research note. He keeps a Buy rating on the shares.