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Fly News Breaks for May 27, 2015
EOX
May 27, 2015 | 09:10 EDT
Wunderlich said it believes Emerald Oil's decision to pull its equity issuance plans and scrap its deal to enter the Delaware Basin makes sense, but that the time, effort, and money spent on the now-failed deal certainly could have been spent elsewhere. The firm thinks the failure to get the equity raise completed illustrates the "dire straits" Emerald is in financially and lowered its price target on the stock to $4 from $10 while reiterating a Sell rating on the name.
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