KeyBanc lowered the firm’s price target on Talos Energy to $20 from $21 and keeps an Overweight rating on the shares. The firm expects the disappointing commodity price action in 2023 to continue to keep the marginal investor on the sidelines in 2024, heightening focus on the industry to be the marginal purchaser of shares through repurchase programs. Further, KeyBanc views the interplay between repurchases and block sales from unnatural holders as an impactful theme that will drive idiosyncratic volatility this year.
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