Bank of China International raised the target price of MI Energy (1555.HK) from HK$2.60 to HK$3.31 and maintained the stock's buying rating.

According to the bank, MI Energy's plan to acquire Kazakh EMIR Oil is a big deal. According to conservative estimates, this will increase MI Energy's value by HK$0.65 per share. BOC International also expects that even if financing costs are included, this deal will increase MI Energy's profit by 26% in fiscal year 12.

MI Energy is now down 0.7% to HK$2.92, having previously risen to a post-listing high of HK$3.10; the stock price has risen 22% since announcing the acquisition of Emir Oil on February 15.