SilverBow Resources downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc analyst Tim Rezvan downgraded SilverBow Resources to Sector Weight from Overweight without a price target. This downgrade reflects concern that management will not be able to execute on its acquisition and development strategy, the analyst tells investors in a research note. Activism defense is costly and time-consuming, and it is unclear if the board will continue its poison pill provision, says the firm. The firm sees the presence of two activists “inhibiting current management from executing on growth initiatives.”