We think the outlook for the International E&Ps is improving, with the sector better positioned to emerge from the cycle and its year-to-date de-rating making it more attractive. We update our forecasts, upgrading Tullow to Outperform (new TP 210p) on valuation and upcoming catalysts, while we maintain our Outperform ratings on Cairn (our top pick), Nostrum and Aker BP. We downgrade Ophir to Neutral due to the delay to the final investment decision on the Fortuna FLNG project and also cut Africa Oil to Neutral as we incorporate a more cautious view on development in Kenya. We remain Underperform on Lundin and Premier Oil.