UPDATE: Sterne Agee Upgrades Approach Resources (AREX) to Neutral
Get Alerts AREX Hot Sheet
Rating Summary:
4 Buy, 11 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 9 | Down: 8 | New: 10
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Sterne Agee upgraded Approach Resources (NASDAQ: AREX) from Underperform to Neutral. Analyst Tim Rezvan said the near-term bear case as played out.
"We upgrade AREX shares to Neutral, with shares falling below our $17 PT. Shares have declined 17% YTD versus a +13% average return for the group, and we believe the bear case has played out. We still see significant structural challenges longer term and do not believe valuations are attractive, so we would stay on the sidelines. The company's perpetual FCF deficit remains a concern and we would be supportive of a drop in the rig count that allows management to hoard cash and seek other options," said Rezvan.
For an analyst ratings summary and ratings history on Approach Resources click here. For more ratings news on Approach Resources click here.
Shares of Approach Resources closed at $16.11 yesterday.
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