Jefferies analyst Lloyd Byrne lowered the firm's price target on Sable Offshore to $11 from $24 and keeps a Buy rating on the shares following what the firm calls "a challenging couple of weeks," including an unexpected equity/convertible note as government support failed to materialize. While the dilution "has been frustrating for existing equity holders," the focus is on Judge Wilson's ruling in July with refinancing complete, the analyst says.
