If you have a look at the historic chart of SPO, you will find that it has been trading at mostly above $2 while Morning star's valuation was $1.8 and $1.9.
To me, Morning star has been conservative on their valuation for SPO based on the history. so $1.6 is more like $1.7 - $1.8
SPO Price at posting:
$1.33 Sentiment: Buy Disclosure: Held
