UPDATE: Stifel Nicolaus Cuts PT to $22 on Bill Barrett Corporation on Execution Overhang

Stifel Nicolaus maintained Bill Barrett Corporation BBG with a Buy rating and lowered the price target from $24.00 to $22.00. Stifel Nicolaus commented, "We are lowering our target from $24 to $22 to reflect a 2013 EV/EBITDA target multiple of 5.1x. If the company executes on the oil growth it has laid out for 2013 and delivers that within its capex, which is lower from last year, then the stock should recover as the growth is delivered. The one downside risk is the company will most likely look to sell an additional $200mm or so of assets to bring FCF closer to neutral, and the assets sold would need to sell at an equivalent multiple (5x EBITDA) as our target price to avoid any additional dilution of the expected upside." Bill Barrett Corporation closed at $15.92 on Thursday.