UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Occidental Petroleum

In a report published Friday, Credit Suisse reiterated its Outperform rating on Occidental Petroleum

, but lowered its price target from $114.00 to $110.00. Credit Suisse noted, “As hoped, OXY laid out a path to reduce capex and improve returns. The price will be lower growth, but we think the market will prefer the free cash-flow generation, focus on costs and potential for a higher shareholder payout. Our EPS actually rise even on lower growth due to the aspiration to cut opex towards 2011 levels, but we cut NAV to $110/sh due to lower rig counts.” Occidental Petroleum closed on Thursday at $82.52.