Tullow downgraded to ‘hold’ by Jeffries

Tullow Oil
Tullow Oil

Jefferies downgraded Tullow Oil to ‘hold’ from ‘buy’ today, with the stock in sight of its new price target, which was reduced from 250p to 245p.

The investment company explained that “Ghana production remains the most positive element of current operations but with both Uganda and Kenya final investment decision timings still uncertain, Tullow needs a new material, commercial asset to drive the stock.”

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