Matador Resources +4% as Wunderlich lifts price target

Matador Resources' (MTDR +4%) price target is raised to $34 at Wunderlich, which notes that while the Midland Basin has been hot in the last 18 months, it expects more drilling catalysts coming from the Delaware Basin this quarter.

MTDR is leveraged to the Delaware Basin, and down-spacing test results, which may be available soon, could be a positive catalyst for the company and other producers in the region, according to Wunderlich.

The firm says MTDR's valuation is still very attractive, trading below the peer average at 5.2x 2015 cash flow and 5.5x 2015 EV/EBITDA.

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