- The downgrades keep coming for SM Energy (SM -2.9%) after disappointing Q4 results and increased uncertainty around Eagle Ford production which have cut shares by nearly 20% in the past two sessions.
- UBS downgrades SM to Neutral from Buy and lowers its target to $82 from $94, expecting shares to remain range bound until the company can deliver several quarters of solid execution particularly in its core assets.
- Howard Weil cuts shares to Sector Perform from Outperform with a $93 target, down from $106, thinking investors likely will need to wait until results from increased lateral length and sand loads on Eagle Ford wells are announced, which could be late Q2 at the earliest.
SM Energy suffers two more downgrades, shares -20% in two days
Feb 20 2014, 12:58 ET