SM Energy price target lowered to $45 from $53 at Raymond James

Raymond James lowered the firm’s price target on SM Energy to $45 from $53 and keeps an Outperform rating on the shares. SM’s 2023 was highlighted largely by the company’s mid-summer Midland Basin acquisition, materially boosting their “Tier-1” inventory, and Raymond James sees further inventory expansion near the top of management’s objectives going forward, the analyst tells investors in a research note.