TD Cowen upgraded SM Energy to Buy from Hold with a price target of $60, down from $64. While the firm is cautious on crude oil it believes SM “stands out as retaining multiple resource catalysts” at a time when that’s largely non-existent in exploration and production. The firm sees dividend coverage for the company down to $49 per barrel of crude, “which can prove defensive in a volatile tape.” SM remains a technical leader in the Midland Basin with 2023 oil productivity ranking first among operators and 2024 “not far behind,” the analyst tells investors in a research note. TD expects another beat in Q3 from the company along with a “compelling” 2025 setup.