Analysts are raising target prices for Chesapeake Energy (NYSE CHK) following the announcement of a joint venture with Plains Exploration and Production Company to produce gas in the Haynesville shale region.

Wachovia Capital Markets analyst David Tameron called the deal a "brilliant transaction," and "a prudent, home run deal, and serves as a reminder why Chesapeake's management is often so highly regarded by the Street."

Stifel Nicolaus & Co. analyst Michael A. Hall raised his target price on Chesapeake Energy to $82 from $74.