UPDATE: Dahlman Rose Reiterates Buy Rating, Raises PT on Cimarex Energy Co. on Solid Quarter

In a report published Wednesday, Dahlman Rose reiterated its Buy rating on Cimarex Energy Co. (NYSE: XEC), and raised its price target from $70.00 to $80.00.

Dahlman Rose noted, “XEC reported both better-than-expected 4Q results and 2013 guidance; however, reserves fell short of expectations, holding shares back Tuesday. Already up 16% YTD, we think 1H is light on drilling catalyst, but 2H growth and improving Permian well results will push shares higher. Increasing PT to $80/sh.”

Cimarex Energy Co. closed on Tuesday at $66.95.