JPMorgan upgraded ConocoPhillips (COP) to Overweight from Neutral with a price target of $123, up from $120. The firm cites its “more defensive tilt” on oil levered names and the underperformance of ConocoPhillips shares year-to-date for the upgrade. The company recently raised is synergy capture estimate from Marathon to $1.0B and will be one of the few exploration and production names to raise cash return in 2025, the analyst tells investors in a research note.
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