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Fly News Breaks for April 19, 2017
CPE
Apr 19, 2017 | 07:12 EDT
Evercore ISI analyst Stephen Richardson downgraded Callon Petroleum to In Line and lowered its price target to $16 from $17. The analyst said expectations are low into the Q1 print, but believes the market may take time to regain confidence in the operational capabilities and the start of a development program in the Delaware basin in 2H17 gives him pause. Additionally, Permian peers have re-reated making shares a difficult compare at 7.5x EBITDA versus 6.6x for peers.
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