- PDC Energy (PDCE +4.8%) is initiated with a Buy rating and $77 price target at Goldman Sachs, which cites strengths lie in PDCE's low cost structure and strong energy base.
- Goldman expects PDCE's oil production to surpass the average level achieved by its peer group, anticipating 41% growth in Q2-Q4 2015 and a further 31% in 2016 vs. the respective 1% and 13% average it sees for peers.
- PDCE shares have outperformed driven by improved oil equity sentiment, but the firm "see(s) room for additional outperformance as PDCE approaches an inflection in growth/resource in H2 2015 after sub-par execution in 2014."