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.
Latest Ratings for NXY
|Jan 2013||Canaccord Genuity||Upgrades||Sell||Hold|
|Dec 2012||TD Securities||Downgrades||Hold|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.