Goldman Sachs Downgrades Forest Oil (FST) to Sell

October 22, 2013 6:51 AM EDT
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Price: $0.34 --0%

Rating Summary:
    5 Buy, 15 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Goldman Sachs downgraded Forest Oil (NYSE: FST) from Neutral to Sell with a price target of $5.00 (from $6.00), citing unattractive valuation, catalysts, and scale.

Analyst Brian Singer said he sees limited upside for the comapny's Eagle Ford Shale position, and do not see an upside catalyst at non-core Eagle Ford assets. In addition, the October 3 announcement of a sale of the Texas Panhandle assets removes an upside overhang. Lastly, the firm views valuation as unattractive both vs. peers and on an NAV basis vs. resource life.

For an analyst ratings summary and ratings history on Forest Oil click here. For more ratings news on Forest Oil click here.

Shares of Forest Oil closed at $5.47 yesterday.

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