UPDATE: Deutsche Bank Cuts PT to $60 on ConocoPhillips; LT E&P Concerns

Deutsche Bank cuts its price target on Hold-rated ConocoPhillips COP on long-term E&P concerns. Deutsche Bank comments, "We think the outright bear call on ConocoPhillips, typically from those who see a stock at a relative premium multiple with relatively little growth, is mistaken for 2012, when cash return to shareholders through aggressive stock buybacks is best-in-class. At the same time, we have a longer term concern over the attraction of an unusually large E&P (~1.5mb/d, double its nearest comp, Oxy or Apache) with relatively lower growth and a relatively higher dividend yield, especially if dividend is not clearly sustainably payable from operating cashflow less capex." COP closed at $54.59 on Wednesday.