UPDATE: Pritchard Upgrades PDC Energy to Buy

Pritchard is out with its report today on PDC Energy (NASDAQ: PETD), upgrading PETD from Neutral to Buy.

In a note to clients, Pritchard writes, "We are transferring coverage and are raising our rating to 'Buy' from 'Neutral' based off valuation and the upcoming ops release. We are also lowering our price target to $40 from $50."

Shares of PETD closed Thursday at $33.19, up 7.31% from Wednesday's close.