BNP Paribas upgrades Aban Offshore

BNP Paribas has upgraded Aban Offshore to 8216;buy8217; from 8216;reduce8217; and raised the price target to Rs 689 from Rs 664. The current valuation presents an opportunity to play the new contract wins and its de-leveraging story,BNP said in a note. The brokerage said the stock had underperformed the broader market on concerns of an earnings downgrade on account of lower-than-expected day rates. Aban will be a likely winner of the tender floated by the ONGC because of its ability to mobilise rigs faster as they are parked closer to the well site,and lower mobilization charges that make Aban8217;s bid competitive,the brokerage added.

At 9:31 a.m.,shares were up 1.98 per cent at Rs 611.90.