UPDATE: ISI Group Upgrades Cobalt International Energy to Strong Buy on Attractive Valuation
In a report published Monday, ISI Group analyst Jon Wolff upgraded the rating on Cobalt International Energy (NYSE: CIE) from Buy to Strong Buy.
In the report, ISI Group noted, “We are upgrading our rating on Cobalt International Energy (CIE) to Strong Buy from Buy due to an attractive valuation and our view of a favorable risk-reward in front of four high-impact sub-salt tests currently drilling as well as Shell's Yucatan well test (inboard lower tertiary in the DW GOM) which could extend the discovery size of Shenandoah (CIE, 20%) if it proves to be a shared reservoir. The Lontra prospect in Angola Block 20 is drilling ahead and is one of the largest potential test well in the world in 2013.”
Cobalt International Energy closed on Friday at $25.94.
Latest Ratings for CIE
|Aug 2014||Capital One Financial||Downgrades||Overweight||Equal-weight|
|Aug 2014||Credit Suisse||Maintains||Neutral|
|Jun 2014||Brean Capital||Initiates Coverage on||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.