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Fly News Breaks for May 17, 2016
MRD, RRC
May 17, 2016 | 08:28 EDT
Bernstein believes that the merger between Range Resources (RRC) and Memorial Resource (MRD) is "an inventive solution" to short-term, low commodity prices. The firm estimates that Range's pro forma cash flow will rise 108%, while its debt per market cap will fall to 37% from 50%. Bernstein adds that the deal will not have "punitive long-term consequences." It keeps a $49 price target and Outperform rating on Range.