MARKET TALK: Evolution Securities Ups Petrofac Target Price

15th Jun 2010 15:25

1425 GMT [Dow Jones] Evolution Securities Tuesday raises its target price for Petrofac (PFC.LN) to 1300p from 1201p, saying it reflects the continuing boom in its largely onshore Middle East and Africa engineering and construction activities, but maintains the company's rating at add. Evo says the oil services company has avoided North American exposure as well as deep water and is unlikely to be adversely affected by the short-term and long-term implications of drilling moratoria or offshore project delays. Shares -0.8% at 1276p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 10:25 ET (14:25 GMT)