ConocoPhillips price target raised to $148 from $144 at Susquehanna

Susquehanna analyst Biju Perincheril raised the firm’s price target on ConocoPhillips (COP) to $148 from $144 and keeps a Positive rating on the shares. The firm said they reported 3Q results, with a beat on both production and EPS driven by strong L-48 performance. The company raised its synergy target for its MRO acquisition to $1B from $500MM prior, driven by a reduction in capex of $500MM for the combined company as it needs fewer rigs and frac crews to maintain its low-single-digit growth target.