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Fly News Breaks for January 4, 2019
RRC
Jan 4, 2019 | 08:38 EDT
BofA/Merrill Lynch analysts led by Doug Leggate downgraded a number of U.S. Oil and Gas stocks, stating that he prefers "discipline over growth" among large caps. Leggate and the team acknowledge a recovery in oil prices could lead to material upside, but views volatility as the biggest challenge as too many stocks are competing for shrinking investor dollars. He sees gas names remaining challenged by the falling incremental cost for U.S. natural gas and downgraded Range Resources to Underperform from Neutral given the headwinds he sees for gas weighted E&P names. Leggate and the team lowered their price target for Range to $14 from $18.
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