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Fly News Breaks for November 20, 2018
XEC, REN
Nov 20, 2018 | 05:01 EDT
Imperial Capital analyst Jason Wangler downgraded Resolute Energy (REN) to In-Line and lowered his price target for the shares to $35 from $50 citing the takeover by Cimarex Energy (XEC). The analyst believes the transaction makes sense. He says that while the deal is done at a discount to his previous price target and peer trading multiples, given the current operating environment and Resolute's financial position, the news is a positive outcome for investors.
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