UPDATE: Dahlman Rose Initiates Occidental Petroleum Corporation at Buy Following Share Underperformance

Dahlman Rose initiated coverage on Occidental Petroleum Corporation OXY with a Buy rating and an $86 price target. Dahlman Rose commented, "Following recent underperformance, we believe the risk/reward is attractive. As cost cutting initiatives add to the bottom line by mid-2013 along with improving output, we expect EPS to benefit in 2014, boosted further by the startup of the Al Hosn project. We see rising cash distributions." Occidental Petroleum Corporation closed at $75.35 on Monday.