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Fly News Breaks for November 20, 2019
Nov 20, 2019 | 06:21 EDT
Wells Fargo analyst Gordon Douthat downgraded Berry Petroleum to Market Perform from Outperform with a price target of $9, down from $13. The new initiatives announced by California's Department of Conservation cast doubt on Berry's ability to budget, forecast, and execute a stable operational plan going forward, Douthat tells investors in a research note. The analyst's downgrade reflects greater risk to Berry's future production and cash flow generation potential.
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