UPDATE: Credit Suisse Raises PT to $83 on Hess Corporation; Balance Sheet Derisked

Credit Suisse maintained Hess Corporation HES with a Neutral rating and raised the price target from $74.00 to $83.00. Credit Suisse commented, "The "final phase" of the transformation which HES has announced looks sufficient to de-risk any balance sheet concerns while focusing the company on longer lived international assets and NAM shale upside. This note focuses on two key positive changes for HES (1) the resource value potential in the Bakken when executed efficiently and (2) the reducing pressure on HES base capex. HES shares look slightly undervalued on adjusted proforma 2012 EV/CF multiples with 5-8% production growth through 2017 and a $5/bbl improvement in margins from 2012-2017." Hess Corporation closed at $69.82 on Tuesday.