UPDATE: Credit Suisse Reiterates Neutral Rating, Raises PT on ConocoPhillips on Growth and Potential

In a report published Friday, Credit Suisse reiterated its Neutral rating on ConocoPhillips

, and raised its price target from $65.00 to $70.00. Credit Suisse noted, “COP laid out a cashflow and production plan that is in line with our forecasts and could deliver 6-8% CAGR in cashflow and a 4-5% dividend yield (with underlying dividends growing over time also) - a good outcome that is not priced into the stock. We think COP could be even more assertive - streamlining the portfolio to improve focus and to reduce the share count which would increase the contribution of a high impact exploration program. COP could also monetize logistics assets within the business via an MLP without sacrificing control. This would cement the new CEO's commitment to assertive value creation (a frequent investor complaint about the E+P industry). We are increasing our price target from $65/sh to $70/sh to account for NAV upside from shale. There could be further upside to our NAV from the exploration program over the next 2 years.” ConocoPhillips closed on Thursday at $57.95.