JPMorgan assumed coverage of ConocoPhillips with a Neutral rating and $129 price target down from $139. The firm sees a “number of cross currents” in energy fundamentals, with the U.S. election, Iran-Israel conflict, and a potentially contentious OPEC+ meeting serving as “near-term wild cards each with binary outcomes for the stocks.” The analyst views ConocoPhillips as a core exploration and production holding given its portfolio strength, inventory durability, and shareholder friendly cash return framework. However, it starts with a Neutral rating largely on the uncertain outlook for oil.
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Read More on COP:
- ConocoPhillips price target lowered to $115 from $120 at Scotiabank
- ConocoPhillips price target raised to $125 from $123 at BMO Capital
- ConocoPhillips price target lowered to $135 from $156 at Barclays
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