Deutsche Bank Starts Cobalt International Energy (CIE) at Buy; After the Wait, Here Come the Catalysts

Deutsche Bank initiates coverage on Cobalt International Energy (NYSE: CIE) with a Buy. PT $17.00.

Deutsche analyst said, "After a rocky 18 months characterized by mechanical failures, dry holes and drilling moratorium, CIE is set for a string of material catalysts over the next 18 months, drilling 8-10 impact wells in Angola (3+), Gabon (1) and the US GoM (4-5). Results at the 1st long-awaited Angola pre-salt well, Cameia-1, are due by year end ($7/sh unrisked). We see $9/sh of core value, with $9/sh of risked near-term exploration value ($51/sh unrisked) and a 7:1 risk-reward."

For an analyst ratings summary and ratings history on Cobalt International Energy click here. For more ratings news on Cobalt International Energy click here.

Shares of Cobalt International Energy closed at $10.56 yesterday.

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