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Fly News Breaks for December 9, 2016
SM
Dec 9, 2016 | 06:58 EDT
Piper Jaffray analyst Pearce Hammond attributes the 8% selloff in shares of SM Energy over the past two days to some investors questioning the quality of the company's eastern Howard County acreage. The analyst points out that SM management "strongly believes" in the quality of their acreage based on proprietary work performed and that they do not expect the eastern acreage to be as productive as the western Howard County acreage. "One does not have to fully endorse eastern Howard County in order for the stock to work," Hammond tells investors in a research note. He views SM's risk/reward as favorable following the recent selloff and keeps an Overweight rating on the shares with a $47 price target.
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