Benchmark Cuts Price Target on ConocoPhillips (COP) Management Forecasts to High
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Price: $126.78 +1.81%
Rating Summary:
27 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
27 Buy, 12 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Benchmark is reaffirming its Sell rating on shares of ConocoPhillips (NYSE: COP) while cutting its price target from $62 to $53.
The new price target reflects a lower valuation on the industry segment and an acceleration in a loss of cash flows. The loss in cash flows is attributed to "management’s decision to include the existing ConocoPhillips mid-stream business within the downstream entity," reports an analyst at Benchmark.
Management anticipates that production growth will be roughly 3-4 percent beginning in 2013, but the firm believes it is very unlikely following its below industry average upstream portfolio.
For 2011 and 2012, Benchmark estimates EPS of $8.27 and $7.12.
For more ratings news on ConocoPhillips click here and for the rating history of ConocoPhillips click here.
Shares of ConocoPhillips closed at $66.92 yesterday.
The new price target reflects a lower valuation on the industry segment and an acceleration in a loss of cash flows. The loss in cash flows is attributed to "management’s decision to include the existing ConocoPhillips mid-stream business within the downstream entity," reports an analyst at Benchmark.
Management anticipates that production growth will be roughly 3-4 percent beginning in 2013, but the firm believes it is very unlikely following its below industry average upstream portfolio.
For 2011 and 2012, Benchmark estimates EPS of $8.27 and $7.12.
For more ratings news on ConocoPhillips click here and for the rating history of ConocoPhillips click here.
Shares of ConocoPhillips closed at $66.92 yesterday.
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