Canaccord Genuity Assumes Coverage on SM Energy (SM) at Buy; Unfettered Eagle Ford Should Drive Outperformance
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Price: $33.75 +4.10%
Rating Summary:
23 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
23 Buy, 15 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Canaccord Genuity assumes coverage on SM Energy (NYSE: SM) with a Buy. PT $101 (from $84 previously).
Canaccord analyst, John Gerdes, said, "We believe the company’s Eagle Ford well performance is underappreciated due to infrastructure limitations. Once midstream issues are alleviated, we believe company-wide production should meaningfully exceed guidance. Execution in line with our expectation should eliminate SM’s 25% discount to the group (’12E EBITDA) as the company demonstrates CFPS growth (’11-’13E) comparable to its peers."
For more ratings news on SM Energy click here and for the rating history of SM Energy click here.
Shares of SM Energy closed at $62.97 yesterday.
Canaccord analyst, John Gerdes, said, "We believe the company’s Eagle Ford well performance is underappreciated due to infrastructure limitations. Once midstream issues are alleviated, we believe company-wide production should meaningfully exceed guidance. Execution in line with our expectation should eliminate SM’s 25% discount to the group (’12E EBITDA) as the company demonstrates CFPS growth (’11-’13E) comparable to its peers."
For more ratings news on SM Energy click here and for the rating history of SM Energy click here.
Shares of SM Energy closed at $62.97 yesterday.
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