Soco International (LON:SIA) was upgraded to ‘hold’ from ‘underperform’ as Jefferies ran the ruler over London’s exploration and production names.
Analyst Mark Wilson says there are some signs of “industry generated” valuation support, even though much of the sector still needs US$75 per barrel oil prices to justify target prices.
Wilson added that ‘self help’ cost cutting can allow virtually all the sector to survive and some will even flourish, though he says that’s only if currently unsanctioned growth projects are deferred.
Jefferies also increases target prices for Tullow Oil (LON:TLW), Premier Oil (LON:PMO), and Ophir Energy (LON:OPHR) while others see their price targets lowered.
Goldman Sachs has upgraded security firm G4S (LON:GFS) to ‘neutral’ from ‘sell’.
Hammerson (LON:HMSO) also saw a Goldman upgrade, with its rating moving to ‘buy’ from ‘neutral’.
Esure (LON:ESUR) is downgraded to ‘neutral’ from ‘outperform’ by Macquarie.
Airport and railway station food court operator SSP Group (LON:SSPG) was downgraded separately by blue-chip brokers with Barclays Capital and Nomura, with both backing off bullish ratings to ‘equal weight’ and ‘neutral’ respectively.