As previously reported, Credit Suisse analyst William Featherston downgraded Southwestern Energy to Underperform from Neutral as he believes it is "structurally challenged" in a low gas and NGL price environment. Even assuming the slightly more "constructive" 2020-23 futures strip, the analyst believes the company is poised to generate material free cash flow deficits over this time period that weighs on both its over-leveraged balance sheet and weak debt-adjusted growth profile. Featherston also lowered his price target on the shares to $2 from $4.