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BUZZ-International E&Ps fundamentals improving, CS says

Reuters - UK Focus

** Credit Suisse (IOB: 0QP5.IL - news) says outlook for International E&Ps is improving on better fundamentals

** Says sector's valuation has become more attractive compared to its initiation in March

** Expects increased exploration activity going into 2H17 and 2018, with Premier Oil (LSE: PMO.L - news) 's Zama discovery earlier this year an important milestone for the sector

** CS upgrades Tullow Oil (LSE: TLW.L - news) to "outperform" from "neutral" on valuation, raises TP to 210p from 205p

** Downgrades Ophir Energy to "neutral" from "outperform" due to the delay in the final investment decision on the Fortuna Floating Liquefied Natural Gas (FLNG) project

** Cuts Africa Oil to "neutral" from "outperform," as CS does not see an attractive risk/reward in co

** CS top picks are Cairn Energy (LSE: CNE.L - news) and Aker BP (LSE: 0M5J.L - news)