The target price of Rosneft shares was increased by 18 percent to $7.8 per Global Depositary Receipt (GDR). After the revision, the recommendation for Rosneft was confirmed at the “Buy” level. Rosneft shares are included in the list of the most preferable investment targets. This follows from the published report of Gazprombank on the oil and gas sector in Russia.

Vostok Oil was valued at more than $80 billion, which involves a substantial rise in its shares. The bank believes that Rosneft’s market capitalization could double or even more from current levels when the project is executed.

“Our new target price for Rosneft of $7.8 per GDR implies upside potential of about 26%. We assign the company’s securities a “better than market” rating,” the analysts underline.