Market Overview

UPDATE: BMO Capital Markets Downgrades Laredo Petroleum Holdings to Market Perform on NAV Revision

Related LPI
Canaccord Initiates Coverage On Exploration & Production Sector
Moving Average Crossover Alert: Laredo Petroleum - Tale Of The Tape

BMO Capital Markets reduced its rating on Laredo Petroleum Holdings (NYSE: LPI) from Outperform to Market Perform and lowered its price target from $27 to $22.

BMO Capital Markets commented, "We are downgrading LPI to Market Perform, from Outperform, a move prompted by a revised NAV analysis that yields $22 and supported by concerns over the pace of spending and what it could mean in terms of increased leverage on an already-leveraged balance sheet or a lower planned growth rate, all while still outspending cash flow. Throw on top of this the overhang Warburg presents (~70% ownership) and you have the basis for our less-thanbullish view on the shares today."

Laredo Petroleum Holdings closed at $19.94 on Monday.

Posted-In: BMO Capital MarketsAnalyst Color Downgrades Intraday Update Analyst Ratings

 

Most Popular

Related Articles (LPI)

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free