RBC Capital upgraded Tamboran Resources (TBN) to Outperform from Sector Perform with a price target of $55, up from $38. The firm cites momentum in the “nascent” Beetaloo Basin and a “more robust” global natural gas market for the upgrade. The Daly Waters Energy farmout is an endorsement of the value potential of the Beetaloo and a pathway to future commercialization, the analyst tells investors in a research note. RBC adds that Tamboran’s recent equity offering and asset exchange with Daly funds the pilot project through 2028.
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