UPDATE: Deutsche Bank Cuts PT to $26 on Bill Barrett; E&P Exposure to Commodity Moves

Deutsche Bank lowers its price target on Bill Barrett

from $28 to $26 as it reiterates its Hold rating on shares. Deutsche Bank comments, "E&Ps are again demonstrating exposure to the leading edge of commodity moves and proving that no matter how good the stock specific outlook, individual names cannot outrun macro headwinds. A key benchmark of intrinsic value in the upstream is proved reserve value (PV-10). Our work suggests that adjusted for the current forward curve (oil & natural gas) our group trades at levels last witnessed at the market lows last October (1.7x EV/PV-10 at current 48 month strip). A constructive backdrop, particularly should commodity prices stabilize." BBG closed at $20.73 on Friday.