UPDATE: Societe Generale Downgrades Hess Corporation to Hold on Limited Upside
Societe Generale downgraded Hess Corporation (NYSE: HES) from Hold to Buy with a $68.00 price target.
Societe Generale commented, "We downgrade the stock to Hold from Buy even though we very much like what HES is doing operationally. … Our rationale for downgrade is that we don't believe that it makes sense to vivisect further, and that given HES's debt adjusted metrics, that we can't find another 15% upside (as per SG's absolute rating/valuation system) over the intermediate term without significant improvement to the global macro environment."
Hess Corporation closed at $68.10 on Wednesday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.