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Fly News Breaks for November 30, 2018
PVAC, DNR
Nov 30, 2018 | 06:55 EDT
Oppenheimer analyst Tim Rezvan downgraded Denbury Resources (DNR) to Perform from Outperform and removed his $9 price target. In a research note to investors, Rezvan says he lacks the confidence Denbury will get enough votes to close the acquisition of Penn Virginia (PVAC) and sees an increased risk of "strategic limbo" should the deal fall through. Uncertainty on the acquisition is likely to keep DNR shares range-bound, he says.
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