Forest Oil downgraded at Goldman, Morgan Stanley

Forest Oil (FST) -4.9% premarket after receiving two downgrades, to Sell from Neutral at Goldman Sachs and to Underweight from Equal Weight at Morgan Stanley.

Goldman sees limited upside for FST's Eagle Ford Shale position and does not see an upside catalyst at non-core Eagle Ford assets, and the recent sale of Texas panhandle assets removes an upside overhang; also, the firm views valuation as unattractive both vs. peers and on an NAV basis vs. resource life.

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