UPDATE: Canaccord Genuity Upgrades Talisman Energy to Buy; Negative Catalysts Removed

Canaccord Genuity raised its rating on Talisman Energy (NYSE: TLM) from Hold to Buy.

Canaccord Genuity said, "Both takeout speculation and operational improvement expectations are largely washed out of the stock, in our view. Since the NXY takeover announcement on 7/22 (pre-market), TLM shares are down 4%, having underperformed peers by 14% (Figure 1). Additionally, since Talisman reported Q3 results on 10/30, shares are down 12%, having underperformed peers by 11%. Consequently, at 4.5x 2013E DACF, the stock is trading at the 4.5x it was trading at the day before TLM reported its Q3/12 results, which is where we saw a fundamental-based bottom on the stock."

Talisman Energy closed at $10.65 on Wednesday.

(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.