BofA analyst Kalei Akamine resumed coverage of Denbury with an Underperform rating and $73 price target after the firm had moved to No Rating on October 10 following press speculation that advisers had been retained to explore alternatives including a potential sale. Two months later, Denbury remains a public company with no additional headlines suggesting M&A plans have progressed, noted the analyst, who continues to believe the shares trade above what can be justified by the free cash flow of the existing portfolio.
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Published first on TheFly
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