MACQUARIE investment bank has underlined its belief in the potential of a giant find West of Shetland made by Hurricane Energy. However, analysts at the bank said shares in Hurricane may tread water pending the start of production from the field, scheduled for 2019, or another drilling success by the firm. “We are buyers of Hurricane as we believe that the market is undervaluing its Lancaster asset,” wrote analysts at Macquarie. They said the valuation gap may not close significantly over the next 12 months unless Hurricane is able to sell a stake in Lancaster. Macquarie has cut its target price for Hurricane shares to 73p from 87p after the company raised $520m (£400m) last week to help fund the first phase of the Hurricane development. This involved the company issuing around 730 million shares at 32p each. Shares in Aim-listed Hurricane closed down 1p at 32p.
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