UBS upgrade target raised US $ 42MARKET TALK: UBS Confident Suncor Shares Can Move Higher
Edited by John Shipman Of DOW JONES NEWSWIRES (call: 201 938 5171; e-mail:john.shipman@dowjones.com) MARKET TALK can be found using N/DJMT
8:00 (Dow Jones) UBS boosts Suncor (SU) target to $42 from $39, backs buy rating following word yesterday the company plans to acquire Petro-Cananda (PCZ) "After reviewing discussion and questions concerning the proposed transaction we remain confident in our revised target as both management teams were able to present a clearer indication of both the near and medium term strategy of Canada's newest and largest E&P," firm says. UBS also says while SU "paid a relatively steep premium," the price paid remained in-line with the firm's NAV estimate for PCZ "using US$55/bbl oil price." (JHS)