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Tullow Oil: Canaccord Genuity cuts target price

(CercleFinance.com) - Canaccord Genuity has cut its price target on Britain's Tullow Oil from 220 pence to 200 pence, citing the oil firm's "slightly disappointing Kenya resource update.

The broker says this came as no real surprises, as the numbers seemed to be largely expected.

"Gross 2C resources of 560 mmbbls is a little disappointing compared with the company guidance of 'mean' 750 mmbbls, but fears that it could have been much worse have been scotched," Canaccord says in a research note.

The broker, which has a "hold" rating on the share, says the stock remains highly oil price geared and hence expects "good trading range opportunities."

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