Black Stone Minerals price target lowered to $16 from $17 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on Black Stone Minerals to $16 from $17 and keeps a Neutral rating on the shares. Sentiment for E&P has cooled from the late summer/early fall following M&A frenzy and start of Mid-East war, but the firm sees the pullback offering a better entry entering 2024. With several deals already announced only several weeks into the year, M&A continues to be a key focus though the market is more discerning on value, asset quality and implications for shareholder return, Piper adds.