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SMALL BUSINESS
Ahead of the Bell: Rosetta Resources upgraded
AP
NEW YORK -Rosetta Resources Inc.'s attractive share price and improved productivity prompted an analyst to upgrade the exploration and production company's stock on Friday.
SunTrust Robinson Humphrey analyst John Gerdes raised his rating to "Buy" from "Neutral," noting the stock has fallen 22 percent since mid-October. It's trading at a discount compared with its peers, he said.
Gerdes calls this "an attractive buying opportunity," especially as given the company's improving capital productivity at its Eagle Ford Shale operations.
Rosetta has 47,000 net acres in the Eagle Ford Shale with net resource potential of over 700 billion cubic feet. Gerdes said this resource, along with Rosetta's Sacramento Basin Rio Vista Field and south Texas Lobo Trend, represent the company's strongest growth regions.
Gerdes has a share price target of $18. The stock finished Thursday's trading at $13.20.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-13 08:25:41
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