from MSN Money
Range Resources . Target $84. Stifel Nicolaus upgrades RRC to Buy from Hold and sets target price at $84 saying they believe Marcellus concerns have played out. The firm says Range was a darling of the E&P space in 2007 and into 1Q08, however as infrastructure delays and water permitting/cost questions emerged in the Marcellus Shale, investors began to sell the Marcellus names and Range was a go to call.
The firm says as the Haynesville Shale picked up steam, capital quickly left the Marcellus as it had found a new home. The firm believes this has provided an opportunity to get more aggressive with Range shares, as the company is the leader in what will be an important, likely highly economic shale gas play in the coming years.