BofA reinstated coverage of Permian Resources with a Buy rating and $20 price target. Permian’s non-core inventory is undervalued versus its ability to extend its free cash flow capacity, the analyst tells investors in a research note. While Permian’s current activity in its core acreage could fuel a 4% free cash flow compound annual growth rate through 2028, BofA believes the non-core acreage is worth $4/share. Additionally, the firm feels the recent pullback provides an attractive entry point.
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