Statoil: shares down after UBS downgrade
(CercleFinance.com) - Statoil shares have slipped a bit on Monday, after UBS downgraded its rating on the Norwegian oil firm from "buy' to "neutral," even though it nudged up its target price for the share from 185 Norwegian Kronor to 190 Norwegian kronor.
In a report sent to clients, the broker justified its decision as the shares are approaching their "fair value," i.e. pricing in self-help delivery and oil price improvement.
Statoil shares are currently down 0.1% at 181.6 Norwegian kronor in morning trading on the Oslo Stock Exchange.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a report sent to clients, the broker justified its decision as the shares are approaching their "fair value," i.e. pricing in self-help delivery and oil price improvement.
Statoil shares are currently down 0.1% at 181.6 Norwegian kronor in morning trading on the Oslo Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.