Analysts at Goldman Sachs lowered energy producer Hess's (HES) rating to "neutral" from "buy" while also lowering its price target to $58 from $69. The price target now represents a potential 21% upside from the stock's previous closing price.
Analysts at the firm believe that the company's upside has peaked and is nearing the level of its peers.
"We do not expect HES to benefit from capital efficient multiple compression and as a result, expect it to continue to trade at a premium EV/DACF multiple," analyst Brian Singer wrote.
Hess shares were down 0.5% in premarket trading Tuesday.
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