Citigroup Reiterates Buy, $18 Target on Talisman Energy

Citigroup maintains its Buy rating and $18 price target on Talisman Energy TLM as Eagle Ford and SE Asia are expected to drive growth. Citi comments, “Most of next year's production growth will be essentially driven by core North American shale plays, primarily Eagle Ford, with a lesser contribution from South-East Asia's Jambi Merang and Kitan projects and Yme project in the North Sea. Although TLM hasn't provided its full year guidance yet. We expect the company's growth in 2012 to average 458 MBOE/d, or a ~8% y-o-y uptick over our 2011 estimate of 424 MBOE/d.” TLM closed at $12.41 per share on Friday.