Diamondback +5% as higher production guidance prompts analyst praise

Diamondback Energy's (FANG +5.1%) target price is raised to a Street-high $80 from $74 at Mizuho, which cites FANG's better than expected guidance in its operations update yesterday.

The firm says FANG's well results continue to impress, particularly the Nail Ranch 2601H Wolfcamp B well in Martin County, which resembles some of FANG's best wells to date given its short lateral; FANG also continues to add acreage, picking up another 1,500 net acres in Martin County and 126 net mineral acres at the Spanish Trail lease (Briefing.com).

Brean Capital also raises its target price, to $73 from $66.

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