Laredo Petroleum (LPI +0.2%) is downgraded to Sector Perform from Outperform with a $12 price target at Iberia, which believes shares are fairly valued after jumping 52% since the beginning of August.
Despite the downgrade, the firm says it remains positive on LPI’s longer-term outlook and sees the potential for Earth-Model directed drilling to drive shares higher.
Iberia says LPI's strong liquidity position and solid hedge profile will allow the company to face challenges due to low commodity prices.
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