Pioneer Natural downgraded by price target raised at Global Hunter

|About: Pioneer Natural Resources C... (PXD)|By:, SA News Editor

Pioneer Natural Resources (PXD -0.7%) is downgraded to Accumulate from Buy on valuation at Global Hunter, but the firm raises its target price to $260 from $220.

Despite the lower rating, Hunter says it is still "groupies who remain mesmerized" by the potential of PXD's Permian peer group-leading inventory level, core-of-the-core position, and logistical prowess, and is actually increasing its NAV-based price target as confidence in PXD's asset base continues to increase.

Oppenheimer says PXD shares are expensive but for good reasons, driven by PXD's large acreage position and strong growth potential in the Permian Basin, one of the most attractive resource plays in North America; the firm maintains its Perform rating (Briefing.com).