UPDATE: Jefferies Reiterates Hold Rating, Lowers PT on Chesapeake Energy Corporation on Concerning Cash Flow Outspend

In a report published Thursday, Jefferies analyst Jonathan D. Wolff reiterated a Hold rating on

, but lowered the price target from $18.00 to $16.00. In the report, Jefferies noted, "CHK dropped a surprisingly weak outlook for volumes and price realizations with higher capex. CHK's adjustment to growth for Marcellus curtailments (+3 to 5%) does not foot fundamentally in our view as CHK has little incremental contracted takeaway capacity in the future. Headline volumes are guided to fall 7%-8% in 2015. We have lowered our PT from $18 to $16." Cheasapeake Energy Corporation closed on Wednesday at $17.98.