UPDATE: Deutsche Bank Upgrades ConocoPhillips to Buy

Deutsche Bank raises its rating on ConocoPhillips

to Buy from Hold and raises its price target to $90 from $82 as it sees the company's valuation as less expansive than consensus. Deutsche Bank notes, "Market consensus sees post-split ConocoPhillips as relatively expensive, when compared to Apache/Valero. But in reality, COP and APA's assets & importantly scale are very different, and COP offers further split potential into US and Asian E&P if valuation is poor. E&P multiples have expanded since the mid-2011 split announcement. Downstream has a US-leading MLP-able NGL gathering system & worldscale chemicals business that both grow, self-financed. COP looks undervalued, with leverage to booming oil/refining markets." COP closed at $71.55 a share on Thursday.