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In a note, the broker said it has raised its UK gas price assumptions for the years 2008-2011 as a result of assuming a stronger relationship between UK gas prices and its oil price assumptions.
For Dana, it notes the stock has underperformed its sector coverage by more than 9 percent.
But it thinks the recent sell-off has been overdone and it now sees 68 percent potential upside to its revised 12-month target price of 2,140 pence, up from 2,075 pence.
It rates the stock its top pick, along with Salamander Energy.
For Cairn, it left a 4,121 pence price target on the stock as it cut the group to 'neutral' following a period of relative outperformance against the sector and particularly Dana. hannah.benjamin@thomsonreuters.com hmb/ra
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