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Fly News Breaks for May 11, 2017
SM
May 11, 2017 | 08:32 EDT
As previously reported, BofA/Merrill downgraded SM Energy to Neutral from Buy and cut its price target to $37 from $48. Analysts led by Doug Leggate said oil markets are taking longer to re-balanced than previously expected and the commodity team lowered its mid year peak in Brent oil prices to $60 from $70. Given the revised commodity price outlook, the analyst sees SM's 2018 net-debt-to EBITDA ratio increased to 4.9x and believes current production growth targets could prove aggressive.
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