Citi upgraded Callon Petroleum to Buy from Neutral with a price target of $45, up from $40. The company’s opportunities for outperformance on the newly acquired Percussion acreage, along with “consistent” operational efficiencies, deflationary pressures, and the initiation of a shareholder return framework, should drive the partial closing of the current valuation gap between Callon and its peers of similar scale, the analyst tells investors in a research note.
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