MARKET TALK: Evolution Cuts Cairn Energy To Neutral From Buy

26th Jul 2010 09:04

0804 GMT [Dow Jones] Evolution Securities cuts Cairn Energy (CNE.LN) to neutral from buy following a run up in the company's shares of 15% in the last three months. "The shares though are now trading 14% above our target price based on the core plus risked upside," it says. "While an outright sell is not merited on the basis of the unrisked upside potential in Greenland we believe it prudent to stop buying the shares at the current level ahead of any drilling news." Cairn has started drilling its first exploration wells this summer in Greenland, which is seen as a high risk, but high opportunity area. Gives a 417p target. Shares flat at 473p. ([email protected]) Contact us in London. [email protected] Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 26, 2010 04:04 ET (08:04 GMT)