Atlas Energy price target lowered to $14 from $16 at Piper Sandler

Piper Sandler analyst Derek Podhaizer lowered the firm’s price target on Atlas Energy (AESI) to $14 from $16 and keeps a Neutral rating on the shares. The firm says that after hearing from a number of companies representing drilling, completion, production, and power across NAM, International, and Offshore over the past month, “ultimately the OIH ended up…flat.” A fitting result given the number of crosscurrents impacting the market as the industry continues to navigate the current oil price shock, including U.S. Land deflation/sticky production, international deceleration, and a mixed Offshore picture, Piper adds.