MARKET TALK: Canaccord Lifts Cairn Energy Target Price

2nd Jul 2010 10:30

0930 GMT [Dow Jones] Cannacord Research raises its price target for Cairn Energy (CNE.LN) to 398p from 368p after Cairn commenced drilling operations at its Sigguk Block, offshore Greenland. Cannacord says the operation in Greenland has the potential to transform the company's outlook. It adds that the target price is set at a premium of 15% to its base-case valuation to reflect more aggressive production from the company's Mangala interests and Cairn's status as a potential takeover target as well as its Greenland interests. Hold rating. Shares up 4.8% at 421p.([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 02, 2010 05:30 ET (09:30 GMT)