UPDATE: BMO Capital Markets Upgrades Cimarex Energy to Outperform on Net Asset Value

BMO Capital Markets upgraded Cimarex Energy (NYSE: XEC ) from Market Perform to Outperform and raised the price target from $70.00 to $85.00. BMO Capital Markets commented, "We believe Cimarex offers a compelling valuation (even after the recent rally), trading at only 5.0x 2013 and 4.3x 2014 EV/EBITDAX, representing a