Roth Capital Downgrades SRC Energy Inc. (SRCI) to Neutral
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Roth Capital analyst John M. White downgraded SRC Energy Inc. (NYSE: SRCI) from Buy to Neutral with a price target of $3.55.
The analyst comments "As we have written previously, a prominent characteristic of the U.S. E&P equities market that is well recognized by market participants is that the target prices of small and midsize market capitalization U.S. E&P companies published by the research community are, in general, not being embraced by institutional investors. In our view, this even more apparent with SRCI given the merger agreement which calls for a fixed exchange ratio of 0.158 PDCE shares for each share of SRCI common stock. Therefore we are employing the fixed exchange ratio as our valuation metric which yields $3.54 which we adjusted slightly higher to our target price of $3.55."
Shares of SRC Energy Inc. closed at $3.59 yesterday.
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