UPDATE: Credit Suisse Upgrades Talisman Energy to Outperform on Operational Focus

Credit Suisse upgraded Talisman Energy

from Neutral to Outperform and raised the price target from $15.00 to $16.00. Credit Suisse said, "In our report of September 24th, 2012, we downgraded our Talisman rating from Outperform to Neutral, citing the abrupt departure of CEO John Manzoni and the resulting uncertainty it placed on our understanding of the company's strategy going forward as the key factor behind our downgrade. Recently, however, we've gained a better understanding on the strategic direction Hal Kvisle intends to take the company. With Hal stating on the Q412 C.C. that formal sale processes were underway and that others were being planned, we now believe Talisman will have a more focused operations base sooner than had previously been suggested." Talisman Energy closed at $12.36 on Wednesday.