UPDATE: Wunderlich Securities Downgrades Berry Petroleum to Hold on Operational and Infrastructure Issues
Wunderlich Securities reduced its rating on Berry Petroleum (NYSE: BRY) from Buy to Hold and lowered its price target from $49 to $40.
Wunderlich Securities noted, "Berry again had to lower 2012 production guidance due to the Diatomite being behind schedule and the Permian having production constraints. While the Diatomite looks to be growing at a solid pace, now we have pulled our estimates down heading into 2013 on a company-wide basis as a slowdown in the Permian, worries of continued issues in California, and an uncertain ramp in the Uinta make us cautious as to the oil production growth."
Berry Petroleum closed at $34.00 on Thursday.
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