Range Resources upgraded At Imperial Capital

• Range Resources (RRC -2.4%) is upgraded to Outperform from In-line with a $55 price target, raised from $45, at Imperial Capital, which believes that the recent improvement in natural gas pricing is not a fleeting event.
• With production at 67% natural gas, RRC looks well positioned to benefit from stronger pricing even if differentials take quarters to further improve, the firm says.
• The firm notes that RRC has achieved low basis differentials in Appalachia and has strong well results in the Marcellus and some of the best dry Utica wells in the play.