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Hess +2% as BofA Merrill adds to US 1 List

Published 04/11/2017, 03:38 PM
© Reuters.  Hess +2% as BofA Merrill adds to US 1 List
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  • Hess (HES +2.1%) is reiterated with a Buy rating and added to the US 1 List at BofA Merrill Lynch with an $80 price target, implying potential 60% upside.
  • The firm expects Hess to enjoy the biggest sequential change in oil and gas production by Q4 of any company in the sector, which should drive an extended period of growth in 2018-19, and Guyana contribution also will help drive growth through 2025.
  • "We believe the inflection point in Hess' investment case is just around the corner, with the broader sector pullback positioning the shares with amongst the highest upside in the sector as implied by our price objectives," BofA's Doug Leggate writes.


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