The Denver-based company produces, develops, acquires and explores for crude oil, natural gas and natural gas liquids.
The higher price target comes after the firm attended PDC Energy's analyst day yesterday.
"Given the company's solid balance sheet and long runway of core Wattenberg locations, we continue to list PDCE as one of our top picks in the exploration and production (E&P) space and would be using any weakness to add to or establish positions," Cantor Fitzgerald wrote in a note.
The company's better-than-expected production profile heading into next year and beyond as well as continued improvements in well economics also pushed the price target up.
Shares of PDC Energy closed higher by 3.46% to $61.35 on heavy trading volume Friday amid rallying oil prices.
About 1.77 million of the company's shares were traded today vs. its average volume of 1.56 million shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.
The primary factors that have impacted our rating are mixed.
The company's strengths can be seen in multiple areas, such as its expanding profit margins, good cash flow from operations and solid stock price performance.
However, the team also finds weaknesses including deteriorating net income, disappointing return on equity and generally higher debt management risk.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PDCE