UPDATE: Sterne Agee Downgrades Diamondback Energy to Neutral on Valuation

Sterne Agee downgraded Diamondback Energy

from Buy to Neutral and removed the price target of $22.00. Sterne Agee said, "The Diamondback story has not deteriorated, but FANG shares have rallied sharply toward our PT in a period when we have not learned anything new on 2013 plans. We believe shares are likely to perform in line with the oil-weighted small cap E&Ps in the near-term future until we receive an update on the 2013 drilling program, which we expect in late February/early March." Diamondback Energy closed at $21.72 on Tuesday.