UPDATE: Credit Suisse Upgrades Hess Corp. to Neutral, Raises PT

In a report published Monday, Credit Suisse Group upgraded its rating on Hess Corp. (NYSE: HES) from Underperform to Neutral, and raised its price target from $62.00 to $68.00.

Credit Suisse noted, “We upgrade HES to Neutral (from Underperform) and increase our target price to $68/sh (from $62/sh). There has been enough good NAV news to offset lower near term cashflow growth efficiency. In particular, we highlight success in Ghana and industry progress in the Utica. Asset sales are closing the gap with outspend given our improving confidence in Brent oil price support. 2013/2014 will be the start of a relative sweet spot when the Bakken hits the efficiency mode and absolute growth starts to return. At this point it feels appropriate to increase weightings to Neutral relative to the E&P universe.”

Hess Corp. closed on Friday at $56.25.