Civitas Resources price target lowered to $48 from $73 at Jefferies

Jefferies analyst Lloyd Byrne lowered the firm’s price target on Civitas Resources (CIVI) to $48 from $73 and keeps a Buy rating on the shares. The firm says that after a “painful” 2024 and 2025, Civitas’ strategic transformation “likely needs to be accelerated.” The analyst supports the company divesting its Denver-Julesburg Basin asset and retiring debt, leaving a “low-leverage Permian SMID” cap. Jefferies believes sentiment on the shares today is “extreme.”