BofA upgraded Range Resources (RRC) to Buy from Neutral with a price target of $45, up from $34. Gas-levered E&P’s have outperformed their oil-levered counterparts by more than 30% since August as the market “finally repriced both baskets to their respective forward curves” at $65 WTI and $3.75 NYMEX, the analyst tells investors. The firm, which believes AI and its derivatives are “a multi-year theme that dovetails with a fundamental reset in US gas,” sees momentum around gas E&P’s that could shift valuations higher to $4.00 NYMEX, the analyst added.
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