Alliance Global raised the firm’s price target on Amplify Energy (AMPY) to $7.25 from $6 and keeps a Buy rating on the shares. While financial leverage is above average, the announced asset sales should completely eliminate the current debt load and generate enough capital to accelerate development of the Beta field, which should have a positive impact on operating performance, the analyst tells investors. The firm sees additional upside potential despite the recent gain of close to 30% over the past week, the analyst added.
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