UPDATE: Bank Of America Downgrades Laredo Petroleum Inc On Reshuffling The Midland Deck

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In a report published Tuesday, Bank of America analyst Jason Smith downgraded the rating on

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Laredo Petroleum Inc

(NYSE: LPI) from Buy to Neutral, and lowered the price target from $34.00 to $28.00.In the report, Bank of America noted, “Although we believe the value of LPI's Midland assets remains intact alongside a move to ‘development mode', we see the lack of financial flexibility to accelerate NAV recognition beyond our estimates as a key investment risk, with net debt to EBITDA pro forma for recent acreage acquisitions at 3.3x. Moreover, compared to other Permian peers, we believe LPI has few near term catalysts with risks rather that longer term production expectations are reset lower at the forthcoming December Analyst Day. While we see upside potential of ~17% to our revised PO of $28, we see other names as better positioned at this time. Downgrade to Neutral.”Laredo Petroleum closed on Monday at $23.88.