Roth Capital lowered the firm’s price target on SM Energy (SM) to $28 from $33 and keeps a Buy rating on the shares. The firm cut 2026 cash flow per share estimates 4% post earnings, but is increasing it 2% on the merger after SM announced a deal to merge with Civitas Resources (CIVI) in an all-stock transaction with a purchase price of around $8.0B, including debt.
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