Granite Ridge Resources price target lowered to $7 from $8 at Evercore ISI

Evercore ISI lowered the firm’s price target on Granite Ridge Resources to $7 from $8 and keeps an In Line rating on the shares. Amid a globally coordinated easing cycle, it is possible that energy commodities and the equities “may well sit out due to challenging fundamentals and a looming 2025 imbalance,” says the firm. However, Evercore adds that it “wouldn’t fight the fed (or the politburo) here” and that it thinks the risks in the crude oil market are “skewed to the upside.” Closer to “the reality of the every day,” quarter end is here and the firm is preparing for updates that are likely to show downside for near-term estimates, the analyst tells investors.