MARKET TALK: Nomura Cuts Petrofac To Reduce From Neutral

14th Jul 2010 09:04

0804 GMT [Dow Jones] Nomura downgrades Petrofac (PFC.LN) to reduce from neutral. Continues to be positive on Petrofac's long-term fundamentals, but in light of its premium valuation and the fact that 2H catalysts are very well flagged, finds it difficult to recommend investing at current levels. In a sector-relative context, Nomura sees better opportunities elsewhere. Has 1300p price target on the stock. Shares -1% at 1287p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 14, 2010 04:04 ET (08:04 GMT)

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