UPDATE: Credit Suisse Downgrades Hess Corporation to Neutral

Credit Suisse has published a research report on Hess Corporation HES and has downgraded the company from Outperform to Neutral after the company underperformed in 2H11. In the report, Credit Suisse writes, "HES underperformed in 2H11 on the back of several factors outside management control. Today's strong negative stock reaction is a response to lower production guidance and higher capex guidance just one quarter into the year. There are other upstream companies outspending cashflow, but when companies which are outspending also lose the confidence of the broad investor universe, it is difficult for the stock to re-rate, no matter how low the multiple." Credit Suisse has also lowered the price target from $95 to $70 on Hess, which is currently trading up $1.54 from yesterday's $51.18 closing price.