MARKET TALK: Deutsche Bank Cuts Tullow Oil Price Target

14th Jul 2010 09:37

0837 GMT [Dow Jones] Deutsche Bank cuts Tullow Oil (TLW.LN) price target to 1255p from 1295p. It describes FY '10 as a "pivotal year" as the company transitions to a more balanced development-exploration business. Deutsche says this will build Tullow's core value, but it notes development lacks the transformational catalysts of exploration. It adds that markets may questions the sustainability of Tullow's exploration-led valuation premium. Cairn Energy (CNE.LN), rated buy, remains the brokerage's top exploration and production pick. Reiterates hold recommendation for Tullow. Shares -1.0% at 1139p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 04:37 ET (08:37 GMT)