Sterne Agee Reiterates Buy Rating, $97 PT on Occidental Petroleum Corporation on Announced CEO Succession Plan

In a report published Friday, Sterne Agee reiterated its Buy rating and $97.00 price target on Occidental Petroleum Corporation

. Sterne Agee noted, “Press reports have quickly emerged with theories regarding the Occidental Board's announcement yesterday regarding a formal succession plan for CEO Stephen Chazen. We believe today's muted reaction in the marketplace is warranted, given the context of yesterday's release. Based on Mr. Chazen's age (66), we expected to hear news on succession plans sooner rather than later, and we do not view this news as negative to our investment thesis.” Occidental Petroleum Corporation closed on Thursday at $86.91.