Ophir Energy upgraded to buy

Ophir Energy (LON:OPHR) was up 0.2% after being upgraded by analysts at UBS. The bank now rates oil & gas company Ophir Energy as a buy with a price target of 150p.

Analysts pointed towards LNG projects Ophir are developing expressing their view that the market is under-pricing shares given the long term potential of the assets.

“On a 12-24 month view Ophir has a good chance of achieving sell-downs of both projects (Equatorial Guinea and Tanzania), forcing the market to reassess value. With around $800 million of net cash it can afford to wait. We are confident exploration spend will deliver improved value for money,” says UBS.

Ophir has shed 50% in the last year and USB feels the current share price provides a buying opportunity.

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