UPDATE: Credit Suisse Downgrades Denbury Resources to Neutral, Lowers PT as Investment Thesis No Longer Appears Valid

In a report published Monday, Credit Suisse analyst Arun Jayaram downgraded the rating on

from Outperform to Neutral, and lowered the price target from $19.00 to $16.00. In the report, Credit Suisse noted, “We are downgrading DNR shares to Neutral from Outperform to reflect the realization that our investment thesis (mid-single-digit oil production growth and sustained dividend growth) appears no longer valid largely due to lower oil prices. We are also lowering our TP to $16. Meanwhile, the 'resignation' of two of DNR's top operating officers signals that a quick turnaround from recent sputters in operating performance is unlikely.” Denbury Resources closed on Friday at $11.20.