Piper Sandler downgraded Comstock Resources to Underweight from Neutral with a price target of $5, down from $8. The firm reduced its gas price forecasts to reflect the view that the gas market remains over-supplied. Piper reduced its mid-cycle gas price forecast to $3.25 from $4 as it anticipates operating efficiencies and improving cycle times will continue to drive a lower marginal cost of supply. It also trimmed its intermediate-term oil forecast. As a result, the firm downgraded four exploration and production names.
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