Jefferies Upgrades ConocoPhillips (COP) to Hold
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Jefferies upgraded ConocoPhillips (NYSE: COP) from Underperform to Hold with a price target of $40.00 (from $37.00).
Analyst Jason Gammel commented, "We are upgrading COP to Hold from Underperform on valuation considerations. COP has been amongst the most aggressive companies in the sector in cutting costs and we expect the company can balance its cash cycle at $49/bbl."
Shares of ConocoPhillips closed at $41.00 yesterday.
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