Source - SMW
Canaccord Genuity has downgraded its recommendation on oil services group Petrofac (LON:PFC) to 'hold' (from 'buy'), which it said was due to the rally in the shares over the past four months.

Analyst Alex Brooks commented: "We have been somewhat remiss in keeping up with Petrofac's rapidly depleting asset base and the delays on various projects, with the result that we are playing catch-up."

Canaccord has left its target price unchanged at 850 pence a share.

At 1:27pm: (LON:PFC) Petrofac Ltd share price was +3.75p at 811.75p