Crescent Energy (CRGY) PT Lowered to $19 at Truist Securities

Truist Securities analyst Neal Dingmann lowered the price target on Crescent Energy (NYSE: CRGY) to $19.00 (from $20.00) while maintaining a Buy rating.

The analyst commented: "We have adjusted our model for our revised price deck and updated our 2024/2025/2026 forecasts. Our $19 price target is derived from two equally weighted methodologies, with the first being our ’25 EV/EBITDAX multiple of 3.5x (peer average of 3.9x) applied to our 2025E EBITDAX estimate of $2,239MM (consensus of $2,062MM) and the second being a FCF/EV Yield assumption of 14.0%."

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