Citigroup Downgrades Magnolia Oil & Gas to Sell, Lowers Price Target to $18
Portfolio Pulse from Benzinga Newsdesk
Citigroup analyst Paul Diamond has downgraded Magnolia Oil & Gas (NYSE:MGY) from Neutral to Sell and reduced the price target from $24 to $18.

December 11, 2023 | 2:17 pm
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Magnolia Oil & Gas was downgraded by Citigroup from Neutral to Sell, with a price target cut from $24 to $18.
The downgrade by a major financial institution like Citigroup typically indicates a bearish outlook on the stock, suggesting that the analyst believes the stock will underperform the market or its sector. The reduction in the price target further implies a negative revision of the company's valuation, which can lead to a decrease in investor confidence and a potential drop in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100