JPMorgan upgraded ConocoPhillips (COP) to Overweight from Neutral with a price target of $123, up from $120. The firm cites its “more defensive tilt” on oil levered names and the underperformance of ConocoPhillips shares year-to-date for the upgrade. The company recently raised is synergy capture estimate from Marathon to $1.0B and will be one of the few exploration and production names to raise cash return in 2025, the analyst tells investors in a research note.
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Read More on COP:
- COP Stock: What the Future Holds for ConocoPhillips After Its Marathon Acquisition
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
