Morgan Stanley downgraded Civitas Resources (CIVI) to Equal Weight from Overweight with an unchanged price target of $40. The firm cites valuation for the downgrade with the shares outperforming since early Q3. Civitas’ valuation now screens close to peers due to its above-average net debt to EBITDA, the analyst tells investors in a research note. Morgan Stanley sees lingering CEO uncertainty and more limited near-term catalysts for the stock.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on CIVI:
- Civitas Resources: Hold Rating Amidst Strong Performance and Future Uncertainties
- Civitas Resources price target lowered to $45 from $50 at Mizuho
- AST SpaceMobile, Matador, Viper, Northern, Civitas: Trending by Analysts
- Civitas Resources initiated with a Market Perform at William Blair
- Civitas Resources: Hold Rating Amid Leadership Changes, Debt Concerns, and Valuation Challenges