Susquehanna increased its price target on McMoRan Exploration (NYSE:MMR), citing acquisition of PXP's SWUD program.
"MMR's recent transaction to buy PXP’s share of its shallow water ultradeep (SWUD) program combined with likely encouraging news near term from ongoing SWUD drilling supports a materially higher MMR share price," Susquehanna said.
McMoRan closed Monday at $18.97, down $0.12, or 0.63 percent. Volume was almost double the daily 3-month average. Susquehanna raised their price target on them from $18 to $23, while maintaining a positive rating.
CapitalOne southcoast also raised their rating on McMoRan from "Neutral" to "Add."
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