Denbury downgraded to Hold from Accumulate at Johnson Rice

Johnson Rice analyst Charles Meade downgraded Denbury (DEN) to Hold from Accumulate with a price target of $87, down from $95, after Exxon Mobil (XOM) announced it has entered into a definitive agreement to acquire Denbury in an all-stock transaction valued at $4.9B, or $89.45 per share based on ExxonMobil’s closing price on July 12.