Scotiabank Downgrades Murphy Oil to Sector Perform, Raises Price Target to $50
Portfolio Pulse from Benzinga Newsdesk
Scotiabank analyst Paul Cheng downgraded Murphy Oil (NYSE:MUR) from Sector Outperform to Sector Perform while raising the price target from $46 to $50.

April 11, 2024 | 3:14 pm
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Murphy Oil was downgraded by Scotiabank from Sector Outperform to Sector Perform, though its price target was increased from $46 to $50.
The downgrade to Sector Perform suggests a neutral outlook on the stock's performance relative to the sector, indicating that the analyst sees limited upside potential from current levels. However, the increase in the price target to $50 implies a positive view on the company's valuation, suggesting that the stock might still offer some upside from its current trading price. This mixed signal could lead to short-term uncertainty among investors, potentially resulting in neutral impact on the stock price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90