Concho Resources (NYSE:CXO) Share Price Dependent on Commodity Prices in 2011

Citing the asset base of Concho Resources (NYSE:CXO) already being priced into the share price of the stock, Wells Fargo (NYSE:WFC) said the rise of fall of their share price will be dependent on commodity prices.

Wells says, "Going forward in 2011, we believe that the upside potential in CXO’s asset base is largely priced into shares, leaving potential share price appreciation a function of commodity prices, all else equal."

Wells Fargo downgraded Concho Resources from "Outperform" to "Market Perform." Concho closed at $86.30 on Friday, gaining $0.80, or 0.94 percent.