As reported earlier, SunTrust analyst Neal Dingmann downgraded Chesapeake to Hold from Buy and lowered his price target to $5 from $6. The analyst notes that while the company may be approaching an inflection point where cash flows will outpace spending, the turnaround could be pushed back to 2020 rather than 2019 as it takes the time to develop its prized asset Powder River Basin, or PRB. Dingmann believes that the PRB output could double over the next year, adding that while the company the company has made progress in reducing debt, its leverage remains higher than that of its peer group.