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Bear Stearns Upgrades CNOOC

CNOOC (CEO) withdrew its takeover bid for Unocal (UCL). Bear Stearns upgraded the stock to outperform from peer perform.

Analyst Adam Clarke says he thinks CNOOC's bid for Unocal is dead, and attention should now focus on CNOOC's operational strengths, strong production growth, leverage into oil, exploration activity, and strong balance sheet.

Clarke thinks CNOOC's bid attempt caused significant damage to core fundamental investor base. He raised his 2005 price target to HK$6.25, which is based purely on his expectation that liquidity flows into China are likely to remain strong, oil prices remain buoyant, and CNOOC's relative share price underperformance is likely to adjust.

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