BofA Securities Upgrades ConocoPhillips (COP) to Buy for 3 Reasons
- Nasdaq ends at record high as Big Tech roars back
- Sanderson Farms (SAFM) Explores Sale - Report
- Bitcoin (BTC) Cracks $30,000 to Hit 6-Month Low, Here Are Next Targets Lower
- Dollar lower as Powell reaffirms pledge to not raise rates too quickly
- Splunk (SPLK) Lands $1 Billion From Silver Lake, Announces Buyback One Day After Activist Rumors Surface
(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.
You May Also Be Interested In
- UPDATE: Oppenheimer Upgrades Lincoln Electric (LECO) to Outperform
- UPDATE: Goldman Sachs Upgrades Delek US (DK) to Neutral on Valuation
- Best Solar Stocks to Invest in 2021? Wall Street Weighs In
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Upgrades, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!