MARKET TALK: UBS Raises Petrofac Target Price

25th Jun 2010 07:43

0643 GMT [Dow Jones] UBS raises Petrofac (PFC.LN) target price to 1375p from 1350p following the company's 1H update. Says it showed continued confidence in the successful growth of the business. The bidding pipeline remains strong and performance on existing contracts is in line with management's expectations, UBS adds. Raises FY'11 EPS estimate to $135.5 from $134. Keeps the stock at buy. Shares closed Thursday at 1223p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 25, 2010 02:43 ET (06:43 GMT)