Market Overview

UPDATE: Credit Suisse Raises PT on ConocoPhillips, Expects Improved Focus on Portfolio

Share:
Related COP
Oppenheimer Views ConocoPhillips Valuation As 'Attractive'
Why Moody's Changed ConocoPhillips' Outlook To Negative
With Daunting Challenges, Which Company Is In The Strongest Position: Chevron, Exxon, Or ConocoPhillips? (Seeking Alpha)

In a report published Friday, Credit Suisse reiterated its Neutral rating on ConocoPhillips (NYSE: COP), 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.

Latest Ratings for COP

DateFirmActionFromTo
Feb 2015CitigroupMaintainsBuy
Jan 2015JefferiesMaintainsHold
Jan 2015BarclaysMaintainsOverweight

View More Analyst Ratings for COP
View the Latest Analyst Ratings

Posted-In: Credit SuisseAnalyst Color Price Target Analyst Ratings

 

Related Articles (COP)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga PRO content