Goldman Sachs Upgrades CNOOC Ltd. (CEO) to Conviction Buy; Better Risk/Reward with Correction in Oil/Stock

Goldman Sachs upgraded CNOOC Ltd. (NYSE: CEO) from Neutral to Conviction Buy with a price target of $225.00 (from $245.00).

Analyst, Nilesh Banerjee, said, "With Brent trading below US$100/bbl vs. our 2012E average of US$120/bbl, we believe risk-reward for the oil market has improved with a steady outlook on Asian demand amid recovery in Chinese demand in 2H 2012...Given the best exposure to global oil prices, we add CNOOC to CL-Buy post recent correction in share prices."

For an analyst ratings summary and ratings history on CNOOC Ltd. click here. For more ratings news on CNOOC Ltd. click here.

Shares of CNOOC Ltd. closed at $189.78 yesterday.

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