Investment bank Credit Suisse has lifted its target price for Rosnefts equities from $9.75 to $10.10, the banks analysts said in a note. The Hold recommendation on the stock was reiterated. CS analysts adjusted their valuation model of Rosneft taking into account their new forecasts for this oil producer that reflect the assets it acquired from Yukos. CS experts raised their forecast for Rosnefts EBITDA 5% to $10,341 mln in 2007 and 12% to $12,484 mln in 2008. Meanwhile, Rosnefts EPS (earnings per share) forecast was lowered 5% to $0.49 in 2007 and upgraded 10% to $0.67 in 2008. Notwithstanding that Rosnefts upside potential to the level targeted by CS analysts is currently around 30%, experts reiterated their Hold recommendation. They believe that right now top picks are Novatek and Lukoil. The target price for Lukoil shares is $112.00 and $7.90 for Novatek securities. Both issuers are rated as a Buy.
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[Source: Russian Stock Market Blog]
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