UPDATE: Societe Generale Upgrades ConocoPhillips to Buy on Valuation and Yield

Societe Generale raised its rating on ConocoPhillips

from Hold to Buy and established a price target of $65 on shares. Societe Generale noted, "In a low interest rate environment, any stock, even a newly minted Large Cap E&P, should behave differentially, given the fact that the stock's current yield is 4.9%, nearly threefold that of 10 year US treasuries. … We don't view any of the 2Q12 analyst call commentary or fiscal results as a rationale to buy. Nor do we consider any of COP's current upstream projects as singularly changing the Street's perception. We base our Buy on valuation and yield." ConocoPhillips closed at $57.28 on Friday.