Stifel downgraded Callon Petroleum (CPE) to Hold from Buy with a price target of $32, down from $44. The analyst is “solely focused” on the proposed acquisition by APA Corp. (APA) announced on January 4. The firm’s $32 target price is based on the implied value of Callon relative to APA using the announced 1.0425 fixed exchange ratio and closing prices as of January 18.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on CPE:
- APA Corp. downgraded to Sector Perform from Outperform at Scotiabank
- Callon Petroleum price target lowered to $45 from $51 at Truist
- APA Corp. price target raised to $61 from $59 at Truist
- APA Corp. estimates updated for accretive acquisition, says Susquehanna
- M & A News: APA Acquires Callon (NYSE:CPE) in $4.5B Deal
