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JP Morgan Upgrades Western Gas Resources

JP Morgan upgraded Western Gas Resources (WGR) to overweight from neutral.

Analyst Phillips Johnston says there are several reasons why he believes the stock is poised for outperformance. He thinks an appropriate value for Western Gas Resources is significantly above current levels, based on his breakup sum-of-parts analysis.

Also, Johnston thinks there is reduced risk that permitting delays will hamper future production growth. Additionally, he has increased confidence that volumes in the Powder River Basin are rebounding. While he admits there is no clear catalyst at the moment to unlock this pent-up value, he believes further pressure from investors could spark change.

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