MARKET TALK: Exane Downgrades Cairn Energy, Dana Petroleum

28th Jul 2010 08:52

0752 GMT [Dow Jones] Exane BNP Paribas downgrades Cairn Energy (CNE.LN) and Dana Petroleum (DNX.LN) to neutral from overweight. Notes Dana shares have surged 71% since the brokerage upgraded the stock in February, and reckons the risk/reward is more balanced after Korea National Oil Corp raised its offer for the company. As far as Cairn is concerned, Exane says the exploration outlook remains promising, but notes the stock has outperfomed by 30% since initiation and reckons the Greenland risk/reward is fairly priced in. Has 1650p price target on Dana, and 450p target on Cairn. Dana shares flat at 1707p and Cairn shares +0.2% at 472p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 28, 2010 03:52 ET (07:52 GMT)