UPDATE: Canaccord Genuity Upgrades Nexen to Hold on CNOOC Deal

Canaccord Genuity upgraded Nexen

from Sell to Hold and maintained a $27.50 price target. Canaccord Genuity said, "Assuming a late Q1/13 close of the deal, the annualized arb spread return of 15% supports an upgrade to HOLD on NXY. Our prior SELL rating was based on expected relative performance under the arb spread as opposed to a negative call on the potential for the proposed acquisition of the company by CNOOC to close. CFIUS and China approval are still outstanding." Nexen closed at $27.04 on Friday.