BofA analyst Kalei Akamine reinstated coverage of ConocoPhillips with a Buy rating and $147 price target. The current M&A cycle has reshaped the competitive landscape in U.S. E&P to the benefit of names with size and growth, the analyst tells investors in a research note. There is now a vacuum for high quality large cap oil exposure, and ConocoPhillips has shown a willingness to consolidate the sector through accretive deals, BofA argues.
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