Citi downgraded Diamondback Energy to Neutral from Buy with a price target of $170, up from $160. The stock’s valuation appears to offer limited upside, the analyst tells investors in a research note. However, the firm says the scarcity value of being the lone remaining large-cap Permian producer should allow Diamondback to hold its current multiple. In the near-term, macro factors could push crude higher, but the company’s beta to oil would diminish given the potential negative feedback on GDP, contends Citi.
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