UPDATE: Canaccord Genuity Cuts PT to $1 on SandRidge Energy on Weaker Asset Yield

Canaccord Genuity maintained SandRidge Energy SD with a Sell rating and lowered the price target from $2.00 to $1.00. Canaccord Genuity commented, "We lowered our target price $1 to $1 per share due a lesser Miss capital yield after recalibrating underlying capital productivity post JV carries. Specifically, the company's '13 capital plan, and associated capital productivity, embeds $500-600 million in JV carries versus our prior expectation of $300-400 million in JV carries. Accordingly, our underlying capital productivity incrementally degrades by ~10% assuming a $1.7-1.8 billion capital plan. Notably, SandRidge's capital productivity is enhanced by ~30% this year as a consequence of JV carries, which are effectively exhausted by year end." SandRidge Energy closed at $5.74 on Wednesday.