Collins Stewart Upgrades ConocoPhillips (COP) to Buy
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Collins Stewart upgrades ConocoPhillips (NYSE: COP) from Hold to Buy. Price target $60.
Collins analyst says, "We believe that at current prices, the shares are reflecting market expectations of lofty upstream capital intensity, low production growth, and low returns on capital. Our analysis suggests that the evolution of COP's E&P portfolio in the coming years will drive down capital intensity, improving returns and freeing up cash flows for growth initiatives. Our $60/share price target implies 30% upside from current share prices...Although we would not pay a premium for exploration upside or a North American nat gas recovery, we believe both could serve as key catalysts for COP's shares."
To see more analyst ratings on COP Click Here.
ConocoPhillips operates as an integrated energy company worldwide.
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