KLR Group Downgrades Energy XXI (EXXI) to Hold

KLR Group downgraded Energy XXI (NASDAQ: EXXI) from Buy to Hold with a price target of $4.00 (from $6.00).

Analyst Gail Nicholson commented, "We are downgrading EXXI from Buy to Hold and decreasing our target price $2 to $4 per share due to an increase in our interest expense assumption driven by the issuance of $1.45 billion of 11% Senior Secured Second Lien Notes Due 2020 partly offset by a ~40% increase in our FY'17 forward capital spending assumptions."

For an analyst ratings summary and ratings history on Energy XXI click here. For more ratings news on Energy XXI click here.

Shares of Energy XXI closed at $4.05 yesterday.

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