TLW +3.3% on this upgrade
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Tullow Has Significant Onshore Exploration Upside, UBS Says 2014-04-03 07:24:26.168 GMT
By Nadine Skoczylas April 3 (Bloomberg) -- Tullow up as much as 3.6%, in 3rd day of gains; best-performer in Stoxx 600 Oil & Gas index. * UBS writes that Tullow’s investment case has shifted, now seen with onshore exploration upside; raises stock to buy, cuts PT from 925p to 900p (20% upside) * Helped by available opportunities, change in competitive environment and some reduced risk tolerance * Development portfolio of Tullow “high quality,” affordable * Shares down 8.8% YTD vs 1.2% gain in SXEP * Of 34 ratings, 18 are buy, 14 hold and 2 sell; avg. PT 1,080p: Bloomberg data
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To contact the reporter on this story: Nadine Skoczylas in Jerusalem at +972-2-640-1103 or nelsibai@bloomberg.net To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net