Jefferies Upgrades CNOOC Ltd. (CEO) to Buy

Jefferies upgraded CNOOC Ltd. (NYSE: CEO) from Hold to Buy.

Analyst Laban Yu said, "We upgrade CNOOC to Buy on valuation. Shares have fallen 11% since August (vs. 5% fall for the HSCEI). We have lowered our 2014 earnings forecast 5% as a result of lower 2H14 oil prices but our target price (based on 2015 estimates) remains unchanged at HK$16, 18% potential upside. If we use a US$95/bbl long term Brent forecast, the valuation would be HK$15.25, still a Buy given 13% upside and a 3-4% dividend yield."

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 $171.14 yesterday.

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