As previously reported, Credit Suisse analyst Betty Jiang downgraded Centennial Resource Development to Neutral from Outperform and lowered her price target on the shares to $22 from $23. The analyst cited weaker than expected 2019 capital efficiency that implies richer valuation than Street estimates. Jiang believes Centennial checks all the boxes on high quality acreage, top tier management, differentiated debt-adjusted growth, and up until recent quarters, a solid beat and raise story. However, she sees capital efficiency slipping going forward as the company shifts further from delineation to development mode.