Price Targets on (BSFT) (CEP) (CHK) (CXO) (EP) Updated

Price targets on Broadsoft Inc (NASDAQ: BSFT), Constellation Energy (NYSE: CEP), Chesapeake Energy (NYSE: CHK), Concho Resources Inc. (NYSE: CXO) and El Paso Corporation (NYSE: EP) updated by analysts.

Jefferies (NYSE:JEF) raised their price target on Broadsoft Inc (BSFT) to $48.50. They have a “buy” rating on the company.

Citigroup (NYSE:C) cut their price target on Constellation Energy (CEP) from $3.50 to $3.00. They have a “hold” rating on the company.

Barclays Capital cut their price target on Chesapeake Energy (CHK) from $46.00 to $42.00. They have an “overweight” rating on the company.

Barclays Capital raised their price target on Concho Resources Inc. (CXO) from $121.00 to $123.00. They have an “equal weight” rating on the company.

Morgan Stanley (NYSE:MS) raised their price target on El Paso Corporation (EP) from $22.00 to $24.00. They have an “overweight” rating on the company.

Ratings on (ANDE) (AREX) (CLR) (CPA) (CXO) Upgraded

The Andersons, Inc. (NASDAQ: ANDE), Approach Resources Inc. (NASDAQ: AREX), Continental Resources, Inc. (NYSE: CLR), Copa Holdings (NYSE: CPA) and Concho Resources Inc. (NYSE: CXO) were upgraded today.

Feltl & Co. upgraded The Andersons, Inc. (ANDE) from a “strong buy” rating to a “buy” rating.

Global Hunter Securities upgraded Approach Resources Inc. (AREX) from a “neutral” rating to a “buy” rating. They have a price target of $32.00 on the company.

Pritchard upgraded Continental Resources, Inc. (CLR) from a “neutral” rating to a “buy” rating.

Dahlman Rose upgraded shares of Copa Holdings (CPA) from a “hold” rating to a “buy” rating. They now have a price target of $77.00 on the company.

Citigroup (NYSE:C) upgraded Concho Resources Inc. (CXO) from a “sell” rating to a “hold” rating.

Concho Resources (NYSE:CXO) Should Grow at 24% Rate Annually

According to Global Hunter, which just initiated coverage on Concho Resources, they should be able to grow organically at a 24 percent rate annually for the next several years.

Global says, "Concho is launching an aggressive drilling
campaign on its recently acquired Permian assets which should fuel exceptional growth in production and reserves...The company is well followed and its stock was one of the top performers in 2010. However, our model indicates the company is positioned to grow production organically at a compound annual growth rate of 24% per year for the next several years. In 2011, we expect the company's
production to materially exceed guidance."

Global Hunter Securities started with a "Buy" rating on Concho Resources (CXO), which closed Friday at $91.25, gaining $3.60, or 4.11 percent. Global has a price target of $130 on Concho.

Pioneer (NYSE:PXD), Devon (NYSE:DVN), Apache (NYSE:APA), Approach (Nasdaq:AREX), Cimarex (NYSE:XEC), Concho (NYSE:CXO) Top Bakken, Eagle Ford Exposure

With Eagle Ford and Bakken being a major part of the emergence of shale, FBR Capital noted that among those with the most exposure are Pioneer (NYSE:PXD), Devon (NYSE:DVN), Apache (NYSE:APA), Approach (Nasdaq:AREX), Cimarex (NYSE:XEC) and Concho (NYSE:CXO).

Heading into earnings, within their coverage universe Pioneer likes Pioneer and Devon.

FBR says, "As the shale revolution has unfolded, capital has rotated into the newest, most promising emerging asset class and helped fund the exploratory phase. Last year had belonged primarily to the Eagle Ford and Bakken as the underlying equities materially outperformed. Starting second half of last year, the Permian basin, which historically has produced billions of barrels of oil equivalent, came into investor focus. This year, we believe outsized gains will belong to equities with material exposure to the Permian basin. During the first half of the year, key exploratory catalysts are expected across the three main Permian sub-basins. Industry progress and success should help shed light on potential magnitude of additional recoverable reserves from the Permian basin. As such, our preference going into earnings would be to favor (from within our coverage universe) Pioneer Natural Resources (PXD) (Outperform) and Devon Energy (DVN) (Outperform). Investors also seem to favor Apache (APA) (Market Perform), Approach Resources (AREX) (Not Rated), Cimarex (XEC) (Market Perform), and Concho Resources (CXO) (Not Rated) for exposure to this trend."

Pioneer was trading at $93.70, gaining $0.29, or 0.31 percent, as of 12:07 PM EST. Devon was trading at $83.32, up $0.53, or 0.64 percent.

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.