Denbury price target raised to $102 from $91 at Roth MKM

Roth MKM raised the firm’s price target on Denbury to $102 from $91 and keeps a Buy rating on the shares as part of a broader research note on the Energy sector that is also raising its 2023 WTI oil price forecast by 4% from from $77 to $80 on macro concerns. The analyst notes heightened geopolitical risk for the rest of the year driven by wars in Ukraine and Israel, stating that there is a very strong likelihood that the current war in Ukraine extends well into 2024 if not beyond, and that the current war In Israel will last several months and has some potential to expand to fronts outside of Gaza. If the Israeli war becomes a larger conflict, then there is a reasonable likelihood of additional global sanctions against Iran, as well as stricter enforcement of existing sanctions, which should remove physical barrels from the market, the firm tells investors in a research note.