UPDATE: Canaccord Genuity Raises PT to $16 on Talisman Energy; Prone to Activism
Canaccord Genuity maintained Talisman Energy (NYSE: TLM) with a Buy rating and raised the price target from $14.50 to $16.00.
Canaccord Genuity noted, "We applaud management for its recognition of issues that have plagued the company and for providing a defined plan of attack ($2-3 billion in asset sales, a sharpened focus on two core areas, and a cost-reduction initiative). However, we believe the somewhat muted share price reaction is a sign that the market wants to see more done sooner rather than later. Therefore, we continue to believe that TLM is prone to activism, and that it is the last of the Canadian Sr's that can be acquired by a foreign entity."
Talisman Energy closed at $12.25 on Wednesday.
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Tags: Canaccord Genuity