Sable Offshore price target raised to $38 from $36 at Jefferies

Jefferies raised the firm’s price target on Sable Offshore (SOC) to $38 from $36 and keeps a Buy rating on the shares. The firm says first production at the Santa Ynez Unit “was a key de-risking event” for Sable Offshore. Fire Marshall approval and loan financing are the next gating items, the analyst tells investors in a research note. Jefferies updated the company’s model to reflect the updated production and risk.