Jefferies Cuts PT on SM Energy (SM) to $56

Jefferies cut their price target on SM Energy (NYSE: SM) from $93 to $56, but kept its Buy rating.

"Shares that dramatically underpeform in one year, tend to underperform the next," the analyst said. "We expect SM could buck the trend. Expect 20% production growth on a $1.45B budget in 2013. Could be enough to sustain SM as a mid-tier performer next year. Last year's reserve report sparked a precipitous decline in the share price. Reducing EPS and NAV estimates."

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

Shares of SM Energy closed at $48.13 yesterday.

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