UPDATE: Bank of America Color on Range Resources PO Increase

Bank of America, which raised its PO on shares of Range Resources, is providing some color on the stock. “Yesterday Shell RDS announced its plans to build a world-scale ethylene cracker in Appalachia to use locally-sourced ethane as feedstock,” Bank of America writes. “Together with similar plans from other chemical companies we believe that ethane pricing will be stronger than the market is currently forecasting. Range Resources RRC and EQT Corp. EQT stand to be significant beneficiaries. We raise our PO for RRC to $64/share from $62/share.” Range Resources closed Tuesday at $69.40.