RBC Capital analyst Scott Hanold lowered the firm’s price target on SM Energy to $41 from $43 and keeps a Sector Perform rating on the shares. The firm is reducing its commodity price outlook and driving the price target cut, even though the company’s operations appear to be turning the corner thanks to infrastructure additions and new completions designs, the analyst tells investors in a research note. This momentum should provide a strong mid-single digit growth rate for SM Energy into 2024, RBC added.
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