MUFG analyst Michael McAllister lowered his price target on Pioneer Natural to $192 after its Q4 EPS and EBITDA miss, with costs coming in 2% and exploration expense reported $10M higher than he expected. The analyst also lowers his FY20 production forecast to 13% vs. 18% prior forecast. McAllister keeps his Overweight rating on the stock, saying its implied enterprise value to EBITDA multiple of 8-times that is a premium to 6-times universe average is warranted "due to its top-tier acreage position, strength of its balance sheet, oil production growth and free cashflow potential".