Atlas Resource Partners cut to Sell at Stifel

• Atlas Resource Partners (ARP -5.1%) is downgraded to Sell from Hold with a $0.50 price target at Stifel, which views the challenges mounting for ARP to continue to survive in the current environment.
• Stifel sees three main difficulties ARP must battle: production declines from its asset base with a minimal capex budget, significantly lower margins from its drilling partnership program in FY 2016, and the risk of triggering amended credit facility in H2 2016.