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Fly News Breaks for December 17, 2019
Dec 17, 2019 | 06:49 EDT
As previously reported, Goldman Sachs analyst Brian Singer downgraded Continental Resources to Sell from Neutral with a price target of $28, down from $35. Although he expects above-average cash return on cash invested to continue, he sees the stock's current valuation as "too rich" compared to peers given his expectations for favorable, but less differentiated, debt-adjusted per share growth and free cash flow. Singer also notes that his estimates for Continental's oil production in 2020 are below consensus.
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