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According to a research report published earlier today, Jefferies has downgraded Exco Resources
XCO from Hold to Underperform, and has lowered PT from $7 to $4.
Jefferies commented in the report, “We're downgrading to Underperform on natural gas weakness, deteriorating liquidity, a light 2013 hedge position, and too few meaningful organic oil growth opportunities. Given all of the above, our optimism for sizable liquids acquisition has waned.”
Exco Resources closed yesterday at $6.95.
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