Southwestern Energy downgraded to Hold from Buy at Stifel

Stifel downgraded Southwestern Energy (SWN) to Hold from Buy with a price target of $6.60, down from $8.50. The analyst is “solely focused” on the proposed acquisition by Chesapeake Energy (CHK) announced on January 11. The firm’s $6.60 target price is based on the implied value of Southwestern relative to Chesapeake using the announced 0.0867 fixed exchange ratio and closing prices as of January 18.