UPDATE: Citigroup Upgrades ConocoPhillips to Buy on Sustained Growth and Margin Uplift

Citigroup raises its rating on ConocoPhillips COP from Neutral/High Risk to Buy and increases its price target from $64.80 to $67. Citigroup says, "We are upgrading COP to Buy from Neutral/High Risk. We are raising our target to $67 per share based on our revised analysis of COP without downstream. Our view had been to remain Neutral until the company was split up given the lack of clarity on oil prices and spreads. Furthermore, we believe the split up is causing significant turnover in the shareholder base providing an opportunistic entry point into both names (based on research done by Citi on splitups)." COP closed at $52.11 on Friday.