UPDATE: Bank of America Upgrades CNOOC Limited to Buy, Raises PT on FY12 Results

In a report published Monday, Bank of America analyst Thomas Wong upgraded the rating on CNOOC Limited

from Neutral to Buy, and raised the price target from $216.67 to $243.59. In the report, Wong noted, “CNOOC FY12 results are inline and non-event, in our view. On the other hand, management is very positive on volume growth in 2014E and 2015E. The optimistic guidance is supported by (1) solid reserve replacement ratio (excluding Nexen, 188% in 2012 vs. 158% in 2011), and (2) very strong project pipeline in the next 3 years (30-50 new projects in 2013-2015), in our view.” CNOOC Limited closed on Friday at $185.07.