Brean downgrades Bonanza Creek Energy, sees more upside in PDCE, SYRG


Brean downgrades Bonanza Creek Energy (BCEI) to Hold from Buy.

"Attractive, linear growth and long-lived inventory make this a solid story, but we find the upside in PDC Energy (PDCE) and Synergy Resources (SYRG) as more compelling at this point despite richer multiples."

NBL analyst meeting on December 18th might give reason to revisit NAV assumptions.

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