UPDATE: Jefferies Cuts PT to $15 on Ultra Petroleum Following Reserve Update

Jefferies maintained Ultra Petroleum (NYSE: UPL ) with a Neutral rating and lowered the price target from $24.00 to $18.00. Jefferies noted, "Reducing PT to $15 from $20 on reserve update. We are not assuming the restoration of written-off PUDs because of downward bias to long-term gas deck and the