Citi Raises Target on Occidental to $93 as Restructuring Now 'Largely Priced In'

Citi's Faisel Khan boosted his price target on shares of Occidental Petroleum

from $82 to $93 Wednesday morning despite highlighting limited upside in the stock. Khan believes the company's restructuring is now mostly baked into the stock price. Khan believes Occidental's cost-cutting efforts could unlock value in the range of $10-20 per share. The analyst said the company could be seeking to unload some of its portfolio of assets in the Middle East. Khan sees a price for these assets in the range of $16.5-21 billion. Khan suggested a spinoff of Occidental's Californian operations could be worth as much as $19 billion. Shares of Occidental Petroleum are down 0.7 percent to $89.29 with about a half hour left in Wednesday's trading session.