UBS downgraded Chesapeake to Neutral from Buy with a price target of $86, down from $106. While UBS continues to be positive on Chesapeake’s financial strength, improving capital efficiencies, and sees the Haynesville/Marcellus combination well positioned to take advantage of ramping LNG exports, the firm sees a more balanced risk/reward and believes the strengths are already priced into the stock, the analyst tells investors in a research note.
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