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UPDATE: Canaccord Genuity Downgrades Talisman Energy to Hold, Lowers PT

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Benzinga's M&A Chatter for Tuesday December 16, 2014

In a report published Monday, Canaccord Genuity downgraded its rating on Talisman Energy (NYSE: TLM) from Buy to Hold, and lowered its price target from $16.50 to $14.75.

Canaccord Genuity noted, “We are lowering our rating to HOLD from Buy as we now see TLM having a difficult time selling itself in light of the Petronas news, and therefore our ‘fixes itself or has to sell itself' thesis is not as attractive as it was to us before this past weekend. We are lowering our target by US$1.75 to US$14.75 to remove the take-out premium we had given TLM post the NXY take-out and change of CEO announcements. Our new target price (down from US$16.50) is based on ~4.2x 2013E DACF (down from 4.75x on the Petronas news), plus over US$4.00/share of incremental estimated risked upside potential in the Montney, Marcellus, Eagle Ford and Colombia.”

Talisman Energy closed on Friday at $13.12.

Latest Ratings for TLM

DateFirmActionFromTo
Dec 2014Credit SuisseMaintainsNeutral
Dec 2014
Dec 2014BernsteinDowngradesOutperformMarket Perform

View More Analyst Ratings for TLM
View the Latest Analyst Ratings

Posted-In: Canaccord GenuityAnalyst Color Downgrades Analyst Ratings

 

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