Jefferies downgraded Denbury (DEN) to Hold from Buy with a $91 price target following the company’s agreement to merge with Exxon Mobil (XOM) for $4.9B in an all-stock transaction. The analyst does not expect another bid or regulatory hold up. Based on the current Exxon share price, the implied Denbury value is $90.90 per share, the analyst tells investors in a research note.
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Read More on DEN:
- Denbury downgraded to Sector Weight from Overweight at KeyBanc
- Third Point buys Nvidia, exits Salesforce in Q2
- Denbury price target raised to $93 from $86 at Stifel
- Denbury says prior guidance should no longer be relied upon
- Denbury reports Q2 EPS $1.25, consensus $1.25
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