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Energy XXI (EXXI -5.2%) is downgraded to Neutral with a $40 target, down from $47, at Global...

Energy XXI (EXXI -5.2%) is downgraded to Neutral with a $40 target, down from $47, at Global Hunter, which says it has become more cautious until it sees proof that production can indeed ramp at the clip management projects. Also, the firm initiates Natural Resource (NRP +4%) at Accumulate, believing it will continue to grow its asset base and royalty payments over the next three to five years.
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