BUZZ-Euro E&Ps: macro environment much improved - JPMorgan

** JPMorgan (LSE: JPIU.L - news) says macro environment is much improved for independent European Exploration & Production cos

** JPM cites better balance sheets, reduced forward capex commitments and service market which is unlikely to materially tighten in near term

** "Fading balance sheet risks, put spotlight back on portfolio catalysts, greatest optionality in Cairn Energy (LSE: CNE.L - news) , but sector as a whole on the rise" - JP Morgan

** JPM raises Aker BP (LSE: 0M5J.L - news) to "overweight" from "neutral"

** CNE remains JPM's top pick, focus on CNE as JPM sees material upside potential in Senegal, India and its 2018/19 exploration program

** Broker says while investor focus remains on cash, stronger balance sheets and improving future cash flow expectations should allow E&P to take a more proactive approach

** JPM raises PT's: Aker BP to NOK 348 from NOK 133, CNE to 306p from 300p; Enquest (Frankfurt: 3EQ.F - news) to 44p from 41p, Genel Energy (Other OTC: GEGYF - news) to 287p from 150p, Lundin Petroleum (LSE: 0NNR.L - news) to SEK 259 from SEK 143, Tullow to 278p from 255p; cuts PT of Soco International (Frankfurt: OCS1.F - news) to 126p from 127p