TD Newcrest Upgrades Nexen Inc. (NXY) to Buy; Catalysts Starting to Fall In Line

TD Newcrest upgraded Nexen Inc. (NYSE: NXY) from Hold to Buy, price target raised from C$23 to C$24.

Analyst, Menno Hulshof, said, "The big winner under upward revisions to our ‘global’ oil price assumptions: Most notably, we have increased our 2012 Brent forecast to US$115/bbl (from US$105/bbl) and 2013 to US$112/bbl (from US$98/bbl). Among the senior producers, NXY clearly benefits the most – given ‘global’ oil price exposure of 62%."

Hulshof also notes positive signs of a turnaround at Long Lake; and Appomattox potential to grow significantly.

For an analyst ratings summary and ratings history on Nexen Inc. click here. For more ratings news on Nexen Inc. click here.

Shares of Nexen Inc. closed at $17.80 yesterday.

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