UPDATE: Canaccord Genuity Upgrades Nexen to Hold on CNOOC Deal
Canaccord Genuity upgraded Nexen (NYSE: NXY) from Sell to Hold and maintained a $27.50 price target.
Canaccord Genuity said, "Assuming a late Q1/13 close of the deal, the annualized arb spread return of 15% supports an upgrade to HOLD on NXY. Our prior SELL rating was based on expected relative performance under the arb spread as opposed to a negative call on the potential for the proposed acquisition of the company by CNOOC to close. CFIUS and China approval are still outstanding."
Nexen closed at $27.04 on Friday.
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