Deutsche Bank Downgrades Concho Resources (CXO) to Hold; Valuation Call
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Price: $65.60 --0%
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
28 Buy, 15 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Deutsche Bank downgraded Concho Resources (NYSE: CXO) to Hold with a price target of $105.00.
Deutsche analyst says, "We are reducing exposure to the group following recent outperformance, increasing our focus on our highest conviction calls. CXO has outperformed by 17% since late July, is within 10% of our $105 target and at 7.4x 2012e EBITDA is at a 40% premium to the group. While it remains one of the premier stories in E&P, we see balanced risk reward at current levels. We recommend a shift to top pick, SM Energy (NYSE: SM), at a 10% discount to the group, where the Eagle Ford is driving rapid growth, expanding margins, and significant reserves additions into 2012."
For an analyst ratings summary and ratings history on Concho Resources click here. For more ratings news on Concho Resources click here.
Shares of Concho Resources closed at $96.76 yesterday.
Deutsche analyst says, "We are reducing exposure to the group following recent outperformance, increasing our focus on our highest conviction calls. CXO has outperformed by 17% since late July, is within 10% of our $105 target and at 7.4x 2012e EBITDA is at a 40% premium to the group. While it remains one of the premier stories in E&P, we see balanced risk reward at current levels. We recommend a shift to top pick, SM Energy (NYSE: SM), at a 10% discount to the group, where the Eagle Ford is driving rapid growth, expanding margins, and significant reserves additions into 2012."
For an analyst ratings summary and ratings history on Concho Resources click here. For more ratings news on Concho Resources click here.
Shares of Concho Resources closed at $96.76 yesterday.
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