BofA Securities Upgrades ConocoPhillips (COP) to Buy for 3 Reasons
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(Updated - May 5, 2021 7:13 AM EDT)
BofA Securities analyst Doug Leggate upgraded ConocoPhillips (NYSE: COP) from Neutral to Buy with a price target of $67.00 following the recent pullback on increasing value of a key investment and sustainably strong oil prices.
The analyst stated "we are adding ConocoPhillips (COP) back to our Buy list (from Neutral) guided by the discipline of a transparent value framework with a PO raised to $67 from $65 based on the improved value of its holding in Cenovus Energy (NYSE: CVE) and improved balance sheet. Since we lowered our rating in early March the shares have pulled back to levels we view as attractive but with a different macro outlook from when oil peaked close to $70 (Brent). Forward Brent now stands at the highest level of the year so that on prospective free cash we agree with management that the shares look undervalued to warrant a step up in buy backs."
Shares of ConocoPhillips closed at $52.57 yesterday.
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