UPDATE: Deutsche Bank Upgrades Hess Corporation to Buy on Operational Inflection and Oil Outlook
Deutsche Bank raised its rating on Hess Corporation (NYSE: HES) from Hold to Buy and increased its price target from $52 to $70.
Deutsche Bank commented, "Upgrading Hess on operational inflection and WTI rally. We think the near term market relative outlook, certainly for Q1 2013, for oil equities – as opposed to natgas equities – is strong, based on an expected relative rally in WTI prices that is already under-way. WTI that drives oil's relative performance to the S&P500, and with demand & prices rising simultaneously into spring, we expect a good start of the year. We think Brent markets look well under-pinned and we are closing the under-weight on oil/oil equities we launched on Labor Day 2012."
Hess Corporation closed at $55.02 on Friday.
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