Denbury downgraded to Hold from Buy at Jefferies

Jefferies downgraded Denbury (DEN) to Hold from Buy with a $91 price target following the company’s agreement to merge with Exxon Mobil (XOM) for $4.9B in an all-stock transaction. The analyst does not expect another bid or regulatory hold up. Based on the current Exxon share price, the implied Denbury value is $90.90 per share, the analyst tells investors in a research note.