Synergy Resources upgraded to Buy at Stifel

Synergy Resources (SYRG +2.2%) is upgraded to Buy from Hold with a $13 price target at Stifel based on strong well performance, which suggests a larger portion of SYRG's acreage is located in the Wattenberg Middle Core than previously estimated; also, SYRG's Middle Core wells have been outperforming expectations.

Despite strong results, he stock declined 21% over the past month vs. a 13% peer group average pullback as concerns over a November vote to place stiffer regulations on Colorado's oil and gas production have weighed on the shares.

The firm forecasts Y/Y production growth of 109% in FY 2015.

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