RBC Capital raised the firm’s price target on Diamondback Energy to $195 from $180 and keeps an Outperform rating on the shares. The company’s combination with Endeavor was 5%-10% accretive to the firm’s per share estimates, but more upside comes as identified synergies are fully realized, the analyst tells investors in a research note. Diamondback Energy stands to become a “go to stock” for energy investors given the pro forma market cap of near $50B, the company’s position as the third largest Permian producer, and sustainable free cash flow that now yields over 10%, the firm added.
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