Wednesday, September 15, 2010

Forest Oil (NYSE:FST) Upgraded by Barclays (NYSE:BCS)

Barclays upgraded Forest Oil (NYSE:FST) from "Equalweight" to "Overweight," with a price target of $40 on them, up from the prior price target of $38.

Short term, if Forest continues to be successful at Granite Wash, that should increase upside production for 2010 and 2011, while ongoing success at Eagle Ford and Nikanassin would contribute to longer term growth.

"Continued success in the Granite Wash could drive some upside to our production estimates in '10 and '11. Success in the Nikanassin play in Canada and Eagle Ford Shale could have a greater impact to the growth profile in 2012 and beyond," said Barclays.

Forest closed at $29.21 Tuesday, falling $0.14, or 0.48 percent.

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