UPDATE: Deutsche Bank Upgrades Hess Corporation to Buy on Operational Inflection and Oil Outlook

Deutsche Bank raised its rating on Hess Corporation

from Hold to Buy and increased its price target from $52 to $70. Deutsche Bank commented, "Upgrading Hess on operational inflection and WTI rally. We think the near term market relative outlook, certainly for Q1 2013, for oil equities – as opposed to natgas equities – is strong, based on an expected relative rally in WTI prices that is already under-way. WTI that drives oil's relative performance to the S&P500, and with demand & prices rising simultaneously into spring, we expect a good start of the year. We think Brent markets look well under-pinned and we are closing the under-weight on oil/oil equities we launched on Labor Day 2012." Hess Corporation closed at $55.02 on Friday.