DNB Markets has adjusted its price target on Statoil from 155 to 165 million. Brokerage repeats a sell recommendation on the stock, writes the brokerage in an update Friday, according to TDN Finans.
The upward revision is due to DNB Markets has raised its oil price projections for the period 2018-2019 with respectively one dollar, three and five dollars a barrel to $ 95.
DNB Markets makes no changes in the oil price estimate for the period 2015-2017.
Brokerage repeats a sell recommendation on Statoil as a result of continued weak earnings momentum, weak free cash flow, the downside risk to consensus estimates and historically high P / E.
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