UPDATE: Canaccord Genuity Upgrades Talisman Energy to Buy; Negative Catalysts Removed

Canaccord Genuity raised its rating on Talisman Energy

from Hold to Buy. Canaccord Genuity said, "Both takeout speculation and operational improvement expectations are largely washed out of the stock, in our view. Since the NXY takeover announcement on 7/22 (pre-market), TLM shares are down 4%, having underperformed peers by 14% (Figure 1). Additionally, since Talisman reported Q3 results on 10/30, shares are down 12%, having underperformed peers by 11%. Consequently, at 4.5x 2013E DACF, the stock is trading at the 4.5x it was trading at the day before TLM reported its Q3/12 results, which is where we saw a fundamental-based bottom on the stock." Talisman Energy closed at $10.65 on Wednesday.