BUZZ-Baytex Energy Corp: CIBC downgrades to "sector performer"

Wed Sep 23, 2015 12:02pm EDT
 
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** Canadian oil and gas producer's U.S.-listed shares down 5 pct at $3.71, rebounding from record low of $3.59

** Toronto-listed stock down 2.5 pct at C$5.02

** Analysts at CIBC downgrade Toronto-listed stock to "sector performer" from "sector outperformer"

** Slash PT to C$9 from C$13, citing company's high debt leverage and declining production profile

** Current median PT C$10, well below C$25 two months ago

** 11 of 18 brokerages covering Toronto-listed stock have "hold" rating, 6 "buy" or higher rating, and 1 "sell"

** Up to Tuesday's close, U.S.-listed stock had fallen nearly 90 pct in the past 12 months