UPDATE: Bank of America Reiterates On ConocoPhillips On Wrestling With Identity Crisis

In a report published Friday, Bank of America analyst Doug Leggate reiterated an Underperform rating on

, and raised the price target from $75.00 to $77.00. In the report, Bank of America noted, “We expect a top line growth outlook that lags peers while a substantial step up in exploration capital lacks the track record, prospect surety or materiality to move the needle, albeit we acknowledge the option value as part of the investment case. Taken together with a near term capital outlook that we view as substantially more capital intensive versus peers, we struggle to justify how COP can sustain a premium multiple vs. the peer group.” ConocoPhillips closed on Thursday at $75.03.