Citi has initiated coverage of oil and gas company Vår Energi with a 'buy' recommendation and a target price of 46 Norwegian kroner, which stands as the street high--the highest target price for the stock among Wall Street firms.
According to an analysis reviewed by Bloomberg News, the bank considers Vår Energi its top pick within European exploration and production. Citi argues that the market is underestimating the potential of upcoming subsea projects on the Norwegian continental shelf.
On the stock market, Vår Energi shares have climbed 2.6 percent and are currently trading around 34.32 Norwegian kroner.
Source: www.marketscreener.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein