UPDATE: Bank Of America Reiterates On Rosetta Resources As Permian Remains Underappreciated

In a report published Monday, Bank of America analyst Jason Smith reiterated a Buy rating on Rosetta Resources (NASDAQ: ROSE), and raised the price target from $60.00 to $62.00.

In the report, Bank of America noted, “We spent time last week on the road with management from Rosetta Resources (Chad Driskill, SVP Marketing and Business Development and Toni Green, VP, IR and Planning). Focus remains on delineation of the company's 47,000 net acre position in the Southern Delaware portion of the Permian Basin, with results from 4 to 8 wells expected on the upcoming 2Q earnings call, including the company's first drilled Wolfcamp B well and first 3 well pad. We continue to believe that ROSE is not receiving full credit for its Permian despite strong results from offset operators in multiple zones. We raise our NAV-based PO to $62/sh (from $60).”

Rosetta Resources closed on Friday at $53.87.