Zacks Investment Research upgraded shares of Plains Exp&Prd (PXP) from NEUTRAL to OUTPERFORM on April 12, 2013, with a target price of $57.00.
We have upgraded our recommendation on Plains Exploration & Production Company to Outperform from Neutral, backed by its strong liquidity position, asset rebalancing strategy, and liquid-rich profile. In addition, we have also considered the company's efforts toward development of its onshore assets in California and the Eagle Ford Shale for this revision. In fourth-quarter 2012, Plains Exploration & Production reported mixed results, with earnings per share missing the Zacks Consensus Estimates but revenues surpassing the same. On a year-over-year basis, improvement in quarterly performance was primarily driven by strong contribution from the company's Oil business.
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