Jefferies reinstated coverage of Diamondback Energy with a Hold rating and $185 price target. The firm is reinstating estimates and active coverage of Diamondback Energy coming off Endeavor restriction. In Jefferies’ view, Diamondback Energy replaces PXD as the Tier 1 pure-play Permian producer. The firm believes adding Endeavor makes Diamondback Energy better as the company applies its industry-leading ops, magnifying the merger’s synergy potential. While transformative, the uplift is at least partly reflected in the re-rating, it adds.
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