Legacy Reserves upgraded to Neutral from Underweight at JPMorgan JPMorgan upgraded Legacy Reserves (LGCY) to Neutral citing the company's Piceance acquisition and strategic alignment with WPX Energy (WPX). The firm raised its price target for shares to $29 from $25.
Legacy Reserves downgraded to Neutral from Outperform at RW Baird Baird slashed upstream MLP estimates across the board given the collapse in crude oil prices. The firm believes upstream MLPs will be forced to cut distributions based on when debt covenants are tripped if oil prices do not rally. Baird expects the new oil paradigm to last for the foreseeable future and downgraded Legacy Reserves to Neutral and lowered its price target to $9 from $25.