13-Jun-2003 RESEARCH ALERT-A.G. Edwards downgrades Talisman to "hold"
Friday June 13, 10:25 am ET
TORONTO, June 13 (Reuters) - A.G. Edwards downgraded Talisman Energy (Toronto:TLM.TO - News; NYSE:TLM - News) on Friday, citing recent appreciation in the company's stock price but said its long-term prospects remain positive.
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Analyst Tom Covington reduced his rating to "hold" from "buy" as the company's shares have risen about 8 percent since late March.
"At current levels, the company's near-term risk-reward ratio has increased, given the exposure to high oil prices and a weak US currency," Covington wrote in a morning note.
"However, we would encourage current shareholders to hold their positions as we believe the long-term prospects for Talisman are still attractive, given its ramping volumes in late 2003."
Shares of Talisman were down 65 cents, or 1.4 percent, to $44.93 in New York. The shares fell C$1.09, or 1.8 percent, to C$60.36 on the Toronto Stock Exchange (News - Websites).
($1=$1.34 Canadian)
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