UPDATE: Pritchard Upgrades Concho Resources to Buy

Pritchard is out with its report today on Concho Resources (NYSE: CXO), upgrading CXO from Neutral to Buy.

In a note to clients, Pritchard writes, "CXO is a leading Permian producer that is well hedged, fiscally responsible and is great with the drillbit. The company has a strong resource base targeting the Yeso and Wolfberry formations, with additional upside from the Delaware Basin where it has 150,000 net acres. We believe the stock's recent pull back presents a good buying opportunity and are upgrading CXO to 'Buy' from 'Neutral' and reiterate our $104 price target."

Shares of CXO closed Thursday at $85.27.