TD Cowen initiated coverage of ConocoPhillips (COP) with a Buy rating and $125 price target The company’s “unique” scale, inventory depth and synergy targets following the Marathon Oil acquisition close set the stage for ongoing sustainable improvements in capital efficiency, the analyst tells investors in a research note. The firm says ConocoPhillips’ long lead assets such as the Willow Project and Port Arthur allow for long-term growth at an attractive valuation of 7% free cash flow yield.
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