ConocoPhillips price target lowered to $114 from $135 at Piper Sandler

Piper Sandler lowered the firm’s price target on ConocoPhillips (COP) to $114 from $135 and keeps an Overweight rating on the shares. Piper views ConocoPhillips’ portfolio depth and quality as uniquely differentiating vs. its peers, offering unparalleled sustainability and improvement in capital efficiency for years to come, the analyst tells investors in a research note. The firm expects deal fears to ease as Marathon integration and synergies drive material free cash flow accretion.