UPDATE: Pritchard Capital Partners Raises PT to $13 on Rex Energy Corporation on Catalysts

Pritchard Capital Partners reiterates its Buy rating on Rex Energy Corporation (NASDAQ: REXX) and raises its price target from $12 to $13.

Pritchard Capital Partners comments, "Raising target to $13 from $12 due to number of upcoming catalysts. Price target has an implied 2013 EBITDA multiple of 8.4x (assumes $3.30/Mcf Henry Hub; $95/bbl WTI). Revising 2012 EPS/CFPS/EBITDA estimates to $0.29/$1.40/$85.6 from $0.28/$1.45/$78.4 and 2013 estimates to $0.44/$1.98/$112.1 from $0.37/$1.89/$106."

REXX closed at $10.39 on Friday.