Bill Barrett (BBG -5.4%) is cut to Hold from Buy with a $17 target price, down from $19, at...

|About: Bill Barrett Corporation (BBG)|By:, SA News Editor

Bill Barrett (BBG -5.4%) is cut to Hold from Buy with a $17 target price, down from $19, at Canaccord, due to a ~20% reduction in capital spending, ~10% higher per unit operating expense and a 250 bps increase in its equity discount rate to 17.5%. Also, BBG's Uinta play requires a $115-$120 NYMEX oil price to generate the same ~10% return as other major oil plays get at $100.