Piper Sandler lowered the firm’s price target on Civitas Resources (CIVI) to $73 from $83 and keeps an Overweight rating on the shares. The firm is updating its thoughts on the U.S. upstream landscape heading into what is shaping up as a tricky investment environment in FY25. Piper has updated its estimates for its revised oil outlook, looking at free cash flow/EV sensitivities at various oil and gas price scenarios, and rolled out FY26 comps and updated projections of oil and gas prices discounted in its coverage.
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