Natural gas and oil company Forest Oil (FST) has soared past Deutsche Bank’s previous target price ($65) on the heels of, well, high oil and gas prices. So now the bank has decided FST is ripe for an upgrade and target price hike. Deutsche cites three main catalysts:
- improved free cash flow profile
- strong production growth outlook
- exposure to two emerging North American shale plays
Deutsche upgrades Forest Oil (FST) from Hold to BUY, target price raised from $65 to $88.
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