UPDATE: Societe Generale Upgrades SM Engergy from Hold to Buy

Societe Generale upgraded SM Energy

from a Hold to a Buy rating and lowered its price target from $71 to $62. Societe Generale commented, “Prior to today's upgrade, we were of the view that the market was pricing in operational success that exceeded its asset base. Now with recent price action, we think shares are pricing in a perfect storm of weaker pricing (NGLs), capital and cost creep (tied to Eagle Ford infrastructure/midstream issues), and operational shortfalls (operated Eagle Ford takeaway).” SM Energy closed at $41.80 on Thursday.