Imperial Capital analyst Jason Wangler lowered his price target for Ring Energy to $15 following the company's well results and a current activity update call. Ring updated its type curves in the Central Basin Platform, which was likely a prudent decision given multiple years of data in its horizontal program, including 40 new wells so far in 2018, Wangler tells investors in a research note. He believes the move makes sense as the company continues to develop and learn about its position in the region. The analyst notes his new price target still implies around 88% upside and he keeps an Outperform rating on the shares.