Jefferies Upgrades Chesapeake Energy (CHK) to Hold
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Jefferies upgraded Chesapeake Energy (NYSE: CHK) from Underperform to Hold with a price target of $5.00.
Analyst Jonathan Wolff commented, "Upgrade CHK to Hold. During CHK's mid Oct. analyst day and 3Q report, it highlighted its restored financial health, a return to growth, and emerging test projects. CHK’s growth assumptions look a bit lofty to us and will require external funding, but the shares are now close to our RAAV estimate and offer ‘long-dated’ natural gas optionality (~ 75% gas). Our RAAV-based PT is unchanged at $5."
The firm raised FY 2016 EPS from ($0.16) to $0.07 and lowered FY 2017 EPS from $1.62 to $1.56.
Shares of Chesapeake Energy closed at $5.77 yesterday.
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