Tullow Oil downgraded to Underperform from Hold at Jefferies

Jefferies downgraded Tullow Oil to Underperform from Hold with a price target of 25 GBp, down from 40 GBp. The company’s production growth from the Jubilee field is "not entirely risk-free, yet essential for debt refinancing rather than an equity upside story," the analyst tells investors in a research note.