SM Energy price target lowered to $33 from $45 at Wells Fargo

Wells Fargo lowered the firm’s price target on SM Energy (SM) to $33 from $45 and keeps an Equal Weight rating on the shares. SM’s FY25 guide slightly exceeded expectations, but a weaker Q1 2025 production outlook implies a steep ramp in Q2-Q3, raising execution risk, the firm says. Coupled with integration uncertainty from Uinta assets, Wells stays on the sidelines and remains cautious near term.