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BUZZ-Cairn Energy: top UK midcap riser on broker upgrade

Reuters - UK Focus

** Cairn Energy (LSE: CNE.L - news) up 3%, top riser on FTSE 250 , as Societe Generale (Paris: FR0000130809 - news) upgrades to "hold" vs "sell"

** Flags this year's appraisal drilling programme in Senegal, market wary of de-risking a commercial find here too early following Tullow's Zaedyus discovery well in 2011 which was later deemed to be sub-commercial

** In SocGen's view, the share price trades at a small premium above core NAV that is equal to 15% probability of a commercial discovery in Senegal; it reckons the risk/reward has improved

** SocGen rated as four stars for recommendation accuracy on Cairn, StarMine shows (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)