UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Talisman Energy
In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating on Talisman Energy (NYSE: TLM), but lowered its price target from $18.00 to $15.00.
BMO Capital noted, “We are lowering our 2012 cash flow estimate to $2.99/share from $3.20 and our 2013 estimate to $2.87/share from $2.88 to incorporate Q3/12 results and revised guidance. Our forecast assumes that production averages 425,585 boe/d in 2012 and 410,263 boe/d in 2013. Our revised $15 target price implies a 2013E EBITDA multiple of 4x and a 20% discount to our 2013E net asset value estimate of $18.66.”
Talisman Energy closed on Tuesday at $12.16.
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