Antero Resources just upgraded at Wells Fargo, here’s why

Wells Fargo analyst Roger Read upgraded Antero Resources to Overweight from Equal Weight with a price target of $26, down from $32. The analyst’s near-term exploration and production view is to “lean into” unhedged natural gas exposure with the upgrade of Antero and a view of favorable risk/rewards. Year-to-date, Antero shares have vastly underperformed the gas peer group by 36%, the analyst tells investors in a research note. Following a tough 2023, the firm sees a “strong likelihood of mean-reversion in valuation of the stock.” Wells views Antero’s risk/reward in 2024 as attractive.