Morgan Stanley analyst Fotis Giannakoulis views the 26% pullback in shares of Golar LNG (GLNG) as overdone. The dissolution of the OneLNG joint venture with Schlumberger (SLB) is raising more doubts on Fortuna and further upstream expansion, Giannakoulis tells investors in a research note. Golar's FLNG thesis remains intact as the Hilli Episeyo is already producing cargoes in Cameroon, while the recent agreement with BP (BP) for the Torture project in Mauritania/Senagal is another confirmation of the value proposition, the analyst contends. He lowered his price target for Golar LNG to $31 from $36 and keeps an Overweight rating on the shares.