- Statoil (STO +3.7%) is upgraded to Buy from Neutral with a $25 price target, up from $23, at BofA/Merrill after yesterday's announcement of the Bay du Nord discovery off eastern Canada.
- BAML likes STO's "sensible strategy" of targeting modest production growth, balanced with respectable return investments carrying relatively low execution and political risk.
- Investors need patience before true earnings potential of STO's projects becomes apparent, but $18B of recent disposals shows the inherent value as well as management's commitment to shareholders.
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