Morgan Stanley analyst Drew Venker double downgraded Concho Resources to Underweight from Overweight and cut his price target for the shares to $64 from $131. The stock may not be fully reflecting last week's reduced production guidance, Venker tells investors in a research note. Further, he believes additional cuts to production and EBITDA is likely, making Concho's risk/reward less attractive relative to peers. Venker, who admits his previous capital efficiency estimates were optimistic, sees potential for negative estimate revisions going forward.