UPDATE: Global Hunter Securities Downgrades Plains Exploration & Production to Accumulate
Global Hunter Securities reduced its rating on Plains Exploration & Production (NYSE: PXP) from Buy to Accumulate while reiterating its price target of $63 per share.
Global Hunter Securities said, "Despite the substantial estimated upside to our $63 price target for PXP shares, we are downgrading the stock to Accumulate from Buy given the inherent risk and uncertainty with the pending acquisition. In the near term, we see a few positive catalysts on the horizon for PXP; however, several significant near- to medium-term questions remain to be answered concerning yesterday's announced acquisition."
Plains Exploration & Production closed at $36.09 on Monday.
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