Stifel downgraded Callon Petroleum (CPE) to Hold from Buy with a price target of $32, down from $44. The analyst is “solely focused” on the proposed acquisition by APA Corp. (APA) announced on January 4. The firm’s $32 target price is based on the implied value of Callon relative to APA using the announced 1.0425 fixed exchange ratio and closing prices as of January 18.
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Read More on CPE:
- APA Corp. downgraded to Sector Perform from Outperform at Scotiabank
- Callon Petroleum price target lowered to $45 from $51 at Truist
- APA Corp. price target raised to $61 from $59 at Truist
- APA Corp. estimates updated for accretive acquisition, says Susquehanna
- M & A News: APA Acquires Callon (NYSE:CPE) in $4.5B Deal