UPDATE: Canaccord Decreases PT on Bill Barrett to $37

Canaccord reiterates a Buy rating on Bill Barrett

and lowers its price target from $38 to $37. Cannacord comments, “We are reiterating our BUY rating on Bill Barrett shares and tweaking our target $1 lower to $37 per share. BBG has declined ~50% year-to- date, underperforming the E&P sector by ~30 percentage points. Weakness in gas and NGL prices, combined with elevated financial leverage and cash flow outspend, has weighed on shares.” Bill Barrett closed at $16.98 yesterday.