UPDATE: Canaccord Genuity Downgrades Forest Oil to Hold

Canaccord Genuity downgrades Forest Oil

to Hold from Buy and lowers its price target to $14, down $3, on higher cost and lower liquids output. Canaccord Genuity notes, "We are reducing our rating from Buy to HOLD and decreasing our target price $3 to $14 per share due to higher capital intensity/operating expense and the recent equity issuance partly offset by a slightly higher liquids composition. While Granite/Missourian Wash wells continue to generate strong returns, Eagle Ford results have disappointed." FST closed at $13.36 a share on Thursday.