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Ophir upgraded by Canaccord

30 November 2016 13:40

Canaccord Genuity has upgraded its recommendation on Ophir Energy (LON:OPHR) to 'buy' from 'hold', believing the Fortuna deal reshapes the outlook for the oil and gas company.

The broker reckons the deal could be a step change for the company in terms of booked reserves and production.

It added: "As a result, in the absence of clarity on development/value of the offshore Tanzania gas, Fortuna is set to become Ophir's most important asset once the key milestones above are completed."

Analysts have upped their price target to 105 pence a share (from 80 pence).

Meanwhile, Macquarie upgraded its recommendation on the stock to 'outperform' (from 'neutral'), on Monday, which it said was driven by progress on Fortuna LNG and an increasing belief that the JOC will be able to link the LNG price to Brent.

Macquarie increased its price target to 95 pence a share (from 72 pence).

At 1:40pm: (LON:OPHR) Ophir Energy share price was +3.63p at 79.88p

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