UPDATE: Canaccord Genuity Downgrades Talisman Energy to Hold, Lowers PT
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
|Dec 2014||Credit Suisse||Maintains||Neutral|
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