UPDATE: Jefferies Raises PT on ConocoPhillips Following Free Cashflow Handicap

In a report published Monday, Jefferies analyst Iain Reid reiterated a Hold rating on ConocoPhillips COP, and raised the price target from $60.00 to $65.00.

In the report, Jefferies noted, “Our deep-dive into the global majors free cashflow prospects identifies four winners, Total, Petrobras, BP and Eni. Key drivers are the ability of these companies to deliver new, higher-margin barrels whilst limiting capex growth, aided by on-going portfolio divestments. We have upgraded PBR to Buy, raised our BP price target by 10% whilst downgrading CVX to Hold .”

ConocoPhillips closed on Friday at $61.03.