UPDATE: JP Morgan Upgrades Cabot Oil & Gas to Overweight; High Gas Growth, Cheap Valuation

JP Morgan upgraded its rating on Cabot Oil & Gas NOG from Neutral to Overweight with a reiterated $54.50 price target. JP Morgan noted, "We forecast 40% production growth in 2012 and 34% in 2013 versus the group at 11% and 10%, respectively. Cabot is one of the fastest growers in the E&P sector. Cabot's above average growth comes with the company spending closer to cash flow than its peers and with a stronger balance sheet." Cabot Oil & Gas closed at $4.05 on Thursday.