Merrill Lynch Reinstates Lukoil At Buy
Monday, June 06, 2005 4:54:23 AM ET
Dow Jones Newswires
0832 GMT [Dow Jones] Merrill Lynch reinstates Lukoil (LKOH.RS) coverage with a buy rating and 12-month target price of $45, but notes volatility risk is high. Says Lukoil's long-term approach to investment is starting to pay off. Cites Refining, which is capitalizing on "best environment" in years; Natural Gas, which ML estimates will be "highly profitable"; development of Timan Pechora region, which "reduces Lukoil's exposure to the normal Russian infrastructure constraints." Lukoil shares -0.6% at $34.80. (MIV)
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(END) Dow Jones Newswires
June 06, 2005 04:32 ET (08:32 GMT)