- QEP Resources (QEP -2.3%) is downgraded to Hold from Buy with a $34 price target, down from $37, at Deutsche Bank.
- Although the firm remains fans of QEP's management and capital allocation approach, it says it can no longer construct a viable thesis of sustainable outperformance.
- QEP has made the right moves YTD, shifting its upstream assets to oil and realizing value from the midstream business, but the asset is no longer fundamentally undervalued.
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