UPDATE: Canaccord Genuity Upgrades Nexen to Hold on CNOOC Deal

Canaccord Genuity upgraded Nexen (NYSE: NXY ) from Sell to Hold and maintained a $27.50 price target. Canaccord Genuity said, "Assuming a late Q1/13 close of the deal, the annualized arb spread return of 15% supports an upgrade to HOLD on NXY. Our prior SELL rating was based on expected