BMO Capital raised the firm’s price target on SM Energy (SM) to $33 from $26 and keeps a Market Perform rating on the shares. The firm is updating its estimates following a Q1 mark-to-market and catch-up with the company, adding it expects an in-line operational quarter, even while Q1 free cash flow is weighed down by one-time integration charges and higher pro forma activity, the analyst tells investors in a research note. BMO adds it is positive on SM’s asset base, particularly its core Howard County position.
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