SM Energy price target raised to $25 from $20 at Wells Fargo

Wells Fargo analyst Hanwen Chang raised the firm’s price target on SM Energy (SM) to $25 from $20 and keeps an Equal Weight rating on the shares. The firm believes FY26 guidance resets expectations to a conservative baseline amid integration and portfolio changes. Wells remains on the sidelines as downside risk is mitigated, but multi-basin complexity and execution risk limit conviction.