Diamondback Energy price target lowered to $170 from $175 at RBC Capital

RBC Capital lowered the firm’s price target on Diamondback Energy to $170 from $175 but keeps an Outperform rating on the shares. The firm price target cut is driven by the reduced commodity price outlook, even though investor sentiment on the stock is generally high given the strong operational and financial performance over the past several quarters, the analyst tells investors in a research note. RBC adds that valuation on Diamondback remains attractive and there is not too much concern over inventory quality for the next several years.