Alliance Global Partners initiated coverage of Amplify Energy with a Buy rating and $9 price target, implying 57% upside to Friday’s closing price. Amplify is a diversified exploration and production company with a balanced portfolio of oil and gas properties across the U.S. that are characterized by low capital intensity and low production decline rates, the analyst tells investors in a research note. With relative commodity price stability as well as legal and operational uncertainty related to the anchor/pipeline incident effectively in the near-view, “the path forward for the stock seems clearer than it has been in some time,” contends the firm.
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