Infinity Natural Resources price target lowered to $25 from $30 at BofA

BofA lowered the firm’s price target on Infinity Natural Resources (INR) to $25 from $30 and keeps a Buy rating on the shares. At $60 WTI, U.S. producers are still comfortable and generating excess cash beyond capital expenditures and dividends, so the firm expects producers to largely adopt a wait and see approach at upcoming results with few producers being pre-emptive. The firm believes producers will not cut deep unless prices dip into the $40’s, which is a level at which many producers in the analyst’s space are no longer covering capital and dividends with organic cash flows, the firm added.