UPDATE: Deutsche Bank Reiterates Hold Rating, Raises PT on Murphy Oil Corporation
In a report published Friday, Deutsche Bank reiterated its Hold rating on Murphy Oil Corporation (NYSE: MUR), and raised its price target from $56.00 to $62.00.
Deutsche Bank noted, “Murphy Oil stock has been catalysed by activist hedge fund Third Point's letter to investors revealing a major stake and a $90+/share price target. We agree that major oils should being doing far more disposal, and almost no acquisition, given the current disparity between asset market valuations and equity market valuations, often extreme where management credibility is a concern. By forcing management to think harder about this issue, Third Point has released value. Raise Murphy Price Target to $62/share to reflect greater potential for disposals. Reiterate Hold on valuation.”
Murphy Oil Corporation closed on Thursday at $58.43.
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