Evercore ISI analyst Stephen Richardson downgraded Antero Resources to In Line and lowered its price target to $28 from $34. The analyst told investors shares have outperformed relative to its Appalachia peers and the market is underestimating the potential for volume growth into new pipeline startups in 2018 and a combination of stronger NYMEX and narrower regional basis will be needed to support growth in this timeframe. Further, Antero's hedge book means the equity is fundamentally less exposed to commodity price than less hedged peers, the analyst wrote.