Citigroup Reiterates Buy Rating, $67 PT on ConocoPhillips
In a report published Wednesday, Citigroup reiterated its Buy rating and $67.00 price target on ConocoPhillips (NYSE: COP).
Citigroup noted, “Last month, COP announced an additional $3.5 billion of asset sales expected to close by mid-2013. Including these sales, COP has breeched the upper end of its asset sale guidance range of $8-$10 billion, reaching a total of ~$11 billion. In addition, we still anticipate the announcement of further asset sales through 2013, including portions of COP's interests in the Surmont and APLNG projects. However, after these larger assets are monetized we do not believe sales will continue at this rate. Rather, we anticipate COP will implement an annual portfolio high grading program. We expect revised sales target guidance for 2013 no later than the company's Analyst Day in 1Q.”
ConocoPhillips closed on Monday at $57.99.
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