UPDATE: Deutsche Bank Upgrades Occidental Petroleum to Buy on Chazen Announcement

In a report published Tuesday, Deutsche Bank analyst Paul Sankey upgraded the rating on Occidental Petroleum Corporation OXY from Hold to Buy, and raised the price target from $90.00 to $112.00. In the report, Sankey noted, “There was a very positive announcement from Oxy's Board that addressed our major concern over the stock – namely that strategic mastermind CEO Chazen would be forced out of the company at a time when its (more recently undertaken) scale organic growth model has clearly been struggling badly. With Chazen now confirmed to be in place until end-2014, and major influential shareholder services recommending the removal of Chairman Irani and other scale-oriented directors in Friday's shareholder vote, we now see a clear path to our favoured strategy: shrink to grow. Very bullishly, Chazen has talked of ‘needle-moving' actions, not fiddling with MLPs.” Occidental Petroleum Corporation closed on Monday at $87.86.