2315 GMT [Dow Jones] Credit Suisse keeps an Outperform...

2315 GMT [Dow Jones] Credit Suisse keeps an Outperform recommendation on Karooon Gas (KAR.AU) but nudges its price target down to A$7.65 from A$8.35 vs the company's last trade of A$2.90. "Investors have shunned high-risk investments in this volatile market, and the lack of positive catalysts has resulted in substantial share price weakness," Credit Suisse says. The broker, however, notes that share-price catalysts will return in a busy 2012 that could accommodate at least eight wells offshore Australia, Brazil and Peru. A farm-out deal for the South American assets should be cemented in the March quarter, offsetting drilling costs there. "On our numbers, Karoon does not need to raise equity in FY12, giving it time to wait for positive drilling results before evaluating its options to raise equity," Credit Suisse says. ([email protected])