Raymond James analyst John Freeman downgraded QEP Resources to Market Perform from Strong Buy citing a weaker growth outlook following the conclusion of its strategic portfolio review process. In a research note to investors, Freeman says his prior thesis focused on QEP's transformation into a pure-play Permian operator, adding that he liked that QEP would utilize proceeds from non-Permian asset sales to pay down debt, opportunistically repurchase a significant amount of shares and pursue sustainable growth from its high oil-cut asset in the Midland Basin.