ConocoPhillips resumed with an Outperform at Evercore ISI

Evercore ISI resumed coverage of ConocoPhillips (COP) with an Outperform rating and $165 price target post the close of the Marathon acquisition. The underperformance of the stock since the deal announcement is viewed as evidence something fundamental has changed, but the transaction delivered accretion, entailed strong industrial logic, and placed more assets into the hands of one of industry’s “most efficient operators,” the analyst tells investors in a research note. The firm thinks time will show that little has changed at ConocoPhillips or the value creation inherent to the business model.