UPDATE: JP Morgan Raises PT to $70 on ConocoPhillips on Valuation

JP Morgan maintained ConocoPhillips

with an Overweight rating and raised the price target from $64.00 to $70.00. JP Morgan noted, "[W]e believe current valuation levels are relatively undemanding, with the stock price broadly supported on the value of proved reserves at year-end 2012, and we believe operational performance in line with guidance may position COP for continued share price appreciation. We adjust our EPS estimates and increase our YE2013 price target to $70/share, largely based on our revised NAV, and maintain our OW rating." ConocoPhillips closed at $57.95 on Thursday.