TAP OIL Broker: Goldman Sachs JBWere Rating: Upgrades short-term rating to OUTPERFORM from MARKETPERFORM and keeps long-term BUY Valuation: $1.77
Comment: Goldman Sachs JBWere upgraded its short-term rating to "outperform" from "marketperfrom." The broker said its analysis suggested TAP's substantial exploration program over the next twelve months has an expected monetary value of 70¢ per share. "Any exploration success therefore represents upside to our valuation," it said. The broker said TAP's financial flexibility given its net cash position also provides scope for the acquisition of growth options. In addition, it said there was scope for further earnings upgrades given high spot oil prices while TAP may be considered an attractive acquisition opportunity.
TAP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
