Barclays lowered the firm’s price target on ConocoPhillips (COP) to $135 from $137 and keeps an Overweight rating on the shares. The firm says that with major capital spending expected to step down every year after 2025, ConocoPhillips offers one of the most visible free cash flow growth stories in its coverage through the end of the decade. This should translate into higher absolute and per-share cash return with shares remaining attractively valued versus peers, the analyst tells investors in a research note.
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