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Fly News Breaks for January 7, 2019
CRZO
Jan 7, 2019 | 07:51 EDT
As reported earlier, BMO Capital analyst Phillip Jungwirth downgraded Carrizo Oil & Gas to Market Perform from Outperform and lowered his price target to $15 from $28. The analyst cites his reduced oil price expectation of $50 per barrel in 2019 - down from $67 prior forecast and also notes the company's "less competitive debt-adjusted growth and above-average financial leverage." Based on his net asset value model, Jungwirth adds that Carrizo's exposure is "among the highest" in terms of volatility to a change in oil prices and prefers a "greater discount" to justify a more bullish stance.
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