UPDATE: Sterne Agee Downgrades Berry Petroleum Company to Neutral, Removes PT
In a report published Monday, Sterne Agee Group downgraded its rating on Berry Petroleum Company (NYSE: BRY) from Buy to Neutral, and removed its $53.00 price target.
Sterne Agee noted, “Downgrading to Neutral and removing our $53 PT. We believe Berry has entered value-trap territory and recommend that clients reallocate into other oil-focused small-cap operators with more transparent growth blueprints. Each of Berry's three liquids properties face unique near-term challenges. We have little reason to believe these problems will be resolved this year. The company also released 2013 guidance that is far below our expectations, leading us to sharply cut estimates.”
Berry Petroleum Company closed on Friday at $32.78.
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