Bernstein analyst Bob Brackett lowered his price target on EOG Resources to $137 from $143 following the company's Q4 results, noting that "the market did not receive the release well," and that the main point of contention was the implied decrease in capital efficiency. In a research note to investors, Brackett said he believes investors are focusing on the headline growth number without considering that EOG is "materially underspending cash flows" at strip, and thinks this reaction provides a "compelling" buying opportunity. Brackett has an Outperform rating on the stock.