RSP Permian started at Buy, $33 target, at Mizuho

RSP Permian (RSPP +0.7%) is initiated with a Buy rating and $33 price target at Mizuho, highlighting that Permian Basin pure-plau RSPP was quick to adopt horizontal drilling and completing some of the first horizontal Wolfcamp and Spraberry wells in the northern Midland Basin.

Mizuho sees further de-risking of non-proven horizontal potential and pilot projects to determine optimal well spacing as catalysts in H2 2014.

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