UPDATE: Morgan Stanley Reiterates On Bonanza Creek Energy On Signs Of Communication
In a report published Friday, Morgan Stanley analyst Drew Venker reiterated an Equal-Weight rating on Bonanza Creek Energy (NYSE: BCEI), but lowered the price target from $54.00 to $49.00.
In the report, Morgan Stanley noted, “BCEI reported results of its 40-acre Niobrara downspacing pilot that appeared to show some communication vs. 80-acre spacing. We are lowering our price target to $49 to reflect no credit on 40-acre spacing. We expect BCEI to underperform tomorrow.”
Bonanza Creek Energy closed on Thursday at $46.03.
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