Analyst Scott Hanold of RBC Capital Markets downgrades Brigham Exploration Company (BEXP.NAS) from “outperform” to “sector perform.” The target price has been reduced from $12 to $9.

In a research note published yesterday, the analyst mentions that two of the company’s high potential wells, Green Ranch #1 and Williams Land #1, have proved unsuccessful. Brigham Exploration has reduced its production guidance and is likely to shift its capex to lower risk areas, the analyst says.

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