Goldman Sachs Downgrades ConocoPhillips (COP) to Sell

June 20, 2012 7:11 AM EDT Send to a Friend
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Price: $62.93 -0.49%

Rating Summary:
    11 Buy, 9 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 19 | New: 37
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Goldman Sachs downgraded ConocoPhillips (NYSE: COP) from Neutral to Sell with a price target of $58 in a sector call.

The firm sees greater upside elsewhere in the integrated/domestic oil and refiner coverage universe.

"Conoco shares continue to trade more like a defensive super major rather than a somewhat higher-beta domestic oil/E&P post the spin-off of its downstream assets," the analyst notes. While shares have held up better than others, they no see better risk/reward elsewhere in the sector.

For an analyst ratings summary and ratings history on ConocoPhillips click here. For more ratings news on ConocoPhillips click here.

Shares of ConocoPhillips closed at $55.64 yesterday.

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