Tristone have just issued a weighty (127 pages) upgrade on the stocks in their universe. The reason is a change to their price deck assumptions to $70 per bbl from the old $50/bbl.
From this PCI is raised to a target of 11p (from 7p) rated Market Perform (unchanged).
The target is based on the core NAV plus some upside on Isarene ands assume that Iberdrola will execise its option to take 49% of Isarene.
Risked NAV is 40p and Unrisked 200p
