TD Newcrest Upgrades Talisman Energy (TLM) to Action List Buy; Close To A Bottom? We Think So

TD Newcrest upgraded Talisman Energy (NYSE: TLM) from Buy to Action List Buy, price target lowered $1 to $21.00.

TD analyst says, "We are upgrading TLM for the three following reasons: 1) it is now trading at a 30% discount to its 2P NAV (and only a 14% premium to its 1P NAV), 2) it is now only trading at ~1x premium to its 2008 lows (on a consensus P/CF basis), a time when oil prices were clearly much lower than they are now, and 3) we contend that fears related to its 2012 guidance release (to be issued on January 10) are overblown. As such (and barring a major correction in oil prices), we believe there is limited downside from current levels."

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

Shares of Talisman Energy closed at $11.30 yesterday.

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