UPDATE: J.P. Morgan Raises PT on Pioneer Natural Resources to $116.50 (PXD)

J.P. Morgan is out with its report on Pioneer Natural Resources (NYSE: PXD), raising its PT from $101.50 to $116.50.

In a note to clients, J.P. Morgan writes, "PXD has large, high-potential positions in the Eagle Ford Shale and Spraberry plays. Continued positive well results from PXD and other producers in the Eagle Ford could drive the stock higher. In the Spraberry, the company's deeper drilling to the Lower Wolfcamp and Strawn formations enhance the economics of that play. If it can add the Atoka as well, PXD could enhance the economics even further. Horizontal Wolfcamp in and around its Spraberry acreage could add meaningfully to its drilling inventory. We are increasing our price target to $116.50 from $101.50 based on our calculated NAV of $116.72/share."

Shares of PXD closed Wednesday at $102.81.