Sable Offshore initiated with a Buy at Jefferies

Jefferies analyst Lloyd Byrne initiated coverage of Sable Offshore with a Buy rating and $19 price target. Sable offers investors a “risk-on opportunity”due to the regulatory challenges involved in restarting the Santa Ynez Unit asset in federal waters offshore California, the analyst tells investors in a research note. The firm says the shares have the potential for “repeatable cash flows at a steep discount.”