Rockhopper’s (LON:RKH) new acquisition and entry to Egypt looks a very good fit, according to analyst at Liberum.
Liberum analyst Andrew Whittock repeated a ‘buy’ recommendation and a 61p price target, and said: “Rockhopper will add to assets in its second core area at a low price, extend its exploration portfolio and generate sufficient cash flow to cover its G&A costs.”
The deal adds production of 1,300 barrels oil equivalent per day, though Whittock highlights that the next big share price catalysts would still likely come from the Falklands where drilling is ongoing.
Elsewhere, mining group KAZ Minerals (LON:KAZ) was downgraded to ‘underweight’ from ‘equal weight’ by Morgan Stanley.
Glencore (LON:GLEN) had its price target slashed by Credit Suisse to 235p from 310p as a result of lower metal prices, but, for now at least the bank is keeping its ‘overweight’ rating intact.
Kepler Cheuvreux downgraded Ultra Electronics (LON:ULE) to ‘hold’ from ‘buy’, with the target moving to 1,920p from 1,950p (current price 1,755p).
Engineering group Cobham (LON:COB), meanwhile, was upgraded to ‘buy’ from ‘hold’ by Kepler Cheuvreux and the target was lifted to 325p from 295p (current price 287p).
Betfair (LON:BET) saw its price target increased to 2,094p from 1,838p by Nomura though it described the upgrade as ‘housekeeping’ and retains a ‘reduce’ rating.
Conversely, Nomura retains a ‘buy’ fro William Hill (LON:WMH) though its target is reduced today to 433p from 443p.