Unocal "underweight"

04/05/05 - Prudential Financial

NEW YORK, April 5 (newratings.com) - Analyst Jason D Gammel of Prudential Financial maintains his "underweight" rating on Unocal Corporation (UCL). The target price is set to $47.00.

In a research note published yesterday, the analyst mentions that ChevronTexaco has announced the acquisition of Unocal in a 75% stock and 25% cash deal. According to the analyst, ChevronTexaco has appropriately valued Unocal, despite the acquisition price being at a discount to the latter's share price on Friday. Prudential Financial believes that the acquisition deal is highly attractive for Unocal's shareholders.