- Talisman Energy (TLM -2.2%) is downgraded to Hold from Buy with a $10.50 price target, down from $14, at TD Securities on reduced expectations for a major deal.
- TD believes TLM needs to deliver on a game-changing transaction, such as spinning out an entire division such as the Asia Pacific assets or a corporate sale, to convince investors to bid up shares.
- TLM has been discussing a combination with Repsol (OTCQX:REPYY, OTCQX:REPYF), but reports say the process has stalled.