Mizuho Securities Downgrades ConocoPhillips (COP) to Neutral

Mizuho Securities analyst Nitin Kumar downgraded ConocoPhillips (NYSE: COP) from Buy to Neutral with a price target of $128.00.

The analyst comments "Downgrading COP to Neutral while lowering PT by ~11% to $128/sh. At its 2023 Analyst Day last week, COP presented a 10-year outlook that showcased its commitment to capital discipline, balanced resource depth, and through-the-cycle cash returns. Although the outlook is compelling, we note that cash generation is weighted to the latter years (2029-2032), and assumes consistency of Permian well productivity and higher commodity prices. While COP trades at a discount to IOC/E&P peers on EV/EBITDA, it offers less value based on FCF- and NAV-based multiples. We are moving to the sidelines as we see more attractive opportunities elsewhere in our coverage including our Top Picks: XOM, CTRA and FANG."

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 $108.50 yesterday.

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