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Fly News Breaks for July 8, 2019
ESTE
Jul 8, 2019 | 07:18 EDT
As previously reported, Wells Fargo analyst Gordon Douthat downgraded Earthstone Energy to Market Perform from Outperform as lower commodity prices and activity levels will delay the anticipated organic deleveraging into 2021. While acknowledging the "oil beta" provided by smaller companies, the analyst sees higher volatility and a bias for lower oil prices to be a headwind for SMID cap stocks in general. He also lowered his price target on the shares to $8 from $10.
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