UPDATE: Cowen Securities Initiates ConocoPhillips with Hold Rating on Mixed Factors

In a report published Wednesday, Cowen Securities analyst Asit Sen initiated coverage on ConocoPhillips

with a Hold rating. In the report, Sen noted, “Both 3-5%/yr output growth and improving margins should add ~$6Bn/yr to CF by 2017. However, excluding incremental asset sales, increased borrowing is likely to support high dividends. Potential cost escalation at the $24.7 Bn APLNG project (Australia) could create additional headwinds.” ConocoPhillips closed on Tuesday at $57.39.