As reported prior to the open, MKM Partners upgraded Range Resources (RRC) to Buy from Neutral with an unchanged price target of $6. Analyst John Gerdes noted that Range shares have shed two-thirds in value since mid-January despite the fact that the company's full-cycle return is "meaningfully superior" to median cash recycle ratio of its gas peers and its full-cycle capital intensity is second lowest to only Cabot Oil & Gas (COG). His production forecast for Range for the third quarter is fractionally above the company's guidance, though is production estimate for the full year is fractionally below Range's guidance, Gerdes noted. In afternoon trading, shares of Range Resources are up 38c, or 9%, to $4.48.