Pioneer Natural price target lowered to $241 from $300 at Raymond James

Raymond James lowered the firm’s price target on Pioneer Natural to $241 from $300 and keeps a Strong Buy rating on the shares. The price target decrease is due to the dramatic change in the commodity strip the past few weeks, and Pioneer is deservedly receiving a stronger valuation than some of its peers, as it has the longest remaining inventory life amongst Permian peers with an enviable, contiguous acreage position, the analyst tells investors in a research note.