Friday, June 4, 2010

Bank of America (NYSE:BAC) Downgrades Concho Resources (NYSE:CXO)

Concho Resources (NYSE:CXO) was downgraded by Bank of America (NYSE:BAC) from "Buy" to "Underperform."

The independent oil and natural gas company was downgraded on valuation, said the giant bank, while the recognize the operational narrative of the company.

Concho engages in the exploration and development of natural gas and oil properties.

At noon PM EDT the stock was at $56.29, down $3.28, or 5.51 percent.

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