Range Resources assumed with a Neutral at Mizuho

Mizuho analyst Nitin Kumar assumed coverage of Range Resources with a Neutral rating with a price target of $32, down from $38. Despite being "attracted" to Range’s inventory quality and depth as well as capital efficiencies, pure-play exposure to the "constrained" Appalachia basin pose "both operational and pricing risks" and he prefers to wait for a better entry point, Kumar tells investors.