RBC Capital raised the firm’s price target on Pioneer Natural (PXD) to $278 from $260 and keeps a Sector Perform rating on the shares. The firm is updating its model to reflect the company’s all-stock merger agreement with Exxon Mobil (XOM) while noting that its production growth profile, balance sheet, and large continuous Midland acreage position made it an attractive acquisition target for the one of the integrated energy companies in the world.
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