Coterra Energy price target lowered to $33 from $35 at Piper Sandler

Piper Sandler lowered the firm’s price target on Coterra Energy (CTRA) to $33 from $35 and keeps an Overweight rating on the shares. The firm is updating its thoughts on the U.S. upstream landscape heading into what is shaping up as a tricky investment environment in FY25. Piper has updated its estimates for its revised oil outlook, looking at free cash flow/EV sensitivities at various oil and gas price scenarios, and rolled out FY26 comps and updated projections of oil and gas prices discounted in its coverage.