Cantor Fitzgerald recognised the impact of Sound Energy PLC’s (LON:SOU) better-than-expected well results in Morocco, by more than doubling its price target to 101p from 40p.
Success in Morocco has seen Sound Energy’s shares rise more than 250% since the start of July, and this morning the AIM quoted hydrocarbons group confirmed the Tendrara project as a significant gas discovery.
Cantor’s Sam Wahab highlighted in a note that gas flows from the group’s new well beats expectations by about seven times.
“We believe the company may have established a material hydrocarbon province on a global scale,” Wahab said.
Sound Energy shares changed hands at around 17p at the end of June, following this morning’s announcement they had risen to set a high of 68.86p and, according to Wahab’s 101p target, there remains plenty of running room.
Elsewhere, big calls were few and far between.
Macquarie downgraded Royal Bank of Scotland Plc (LON:RBS)to ‘neutral’ from ‘outperform’.
Berenberg cut Meggit Plc (LON:MGGT) to ‘hold’ from ‘buy’.
Deutsche Bank took a pound off its target for Britvic Plc (LON:BVIC), moving to 600p from 500p and repeating a ‘hold’.
Liberum Capital upgraded Kerry Group Plc (LON:KYG) to ‘buy’ from ‘hold’.
Morgan Stanley added 250p to its target for InterContinental Hotels Group Plc (LON:IHG), to 3,300p from 3,050p, though it retained a ‘equal weight’ rating for the hotelier.
Similarly Jefferies adjust its numbers for AstraZeneca Plc (LON:AZN) to 5,400p from 5,050p but kept a ‘hold’ rating.
Also today, resource investor Metal Tiger (LON:MTR) is on the brink of making two significant announcements within the next few months, says broker Dowgate, which rates shares a 'buy' targeting 8.32p a share (current price: 3.65p).
One is a maiden resource from Botswana, where it is partnered with MOD resources on the Kalahari copper belt.
The other is in Thailand, where negotiations are soon to be completed with local partners to move the Boh Yai and Song Toh silver/lead zinc mines back into production.