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.
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