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BUZZ-Genel Energy: hits 6-month high after RBC double upgrade

Tue, 20th Mar 2018 09:43

** Kurdistan-focussed oil company Genel shares up 2pct, at highest level since late Sept

** RBC upgrades to "outperform" from "underperform"

** "Business in Kurdistan appears to be normalising, andwith improved RSA (Receivable Settlement Agreement) terms and$65/bbl Brent we see upside in Genel," RBC says

** Genel Energy signed receivables agreement with KurdistanRegional Government in August

** RBC expects attention to focus on an outlook statementthat highlights the upside potential of co's oil assets; brokeralso believes that co's business case should refocus on the oilprojects, which it can better control

** Raises target price to 200p from 115p, representspotential upside of ~33 pct to stock's Monday close

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