UPDATE: Deutsche Bank Initiates Talisman Energy at Hold on Risk/Reward

Deutsche Bank initiated coverage on Talisman Energy

with a Hold rating and a $14.00 price target. Deutsche Bank commented, "4 months into a change of leadership, TLM is in the midst of outlining a more focused and achievable strategy outlook. The early read is that 2013e is a year of retrenchment; achievable targets, profitability growth via cost reductions, and a scaled back exploration effort. While credibility in regards to targets should be addressed, we see the issues facing the portfolio as structural based on geographic diversity, limited scalability, and exposure to domestic NG pricing with an impact on forward growth potential. We see risk / reward as balanced and the investment case as relatively undifferentiated relative to the peer group." Talisman Energy closed at $12.54 on Thursday.