Jefferies initiated coverage of California Resources (CRC) with a Buy rating and $64 price target The company offers a unique opportunity with oil leverage through its E&P business and energy transition optionality through CCS and Power, the analyst tells investors in a research note. The stock also trades at a discount to other E&Ps due to O&G permitting challenges in California and business transition risks, but in E&P, California Resources can largely mitigate production declines without new drill permits, offering potential upside to valuation, the firm added.
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