Viper Energy price target raised to $58 from $45 at Evercore ISI

Evercore ISI raised the firm’s price target on Viper Energy (VNOM) to $58 from $45 and keeps an Outperform rating on the shares. The firm putting its preliminary Endeavor drop down expectations into Viper’s net asset value. Viper’s outperformance versus Diamondback Energy (FANG) last year widens the window for an accretive drop down, the analyst tells investors in a research note. Evercore believes the accretive acquisition of Tumbleweed and investor enthusiasm around the upcoming drop down of Endeavor minerals “support continued momentum” for Viper.