Raymond James downgraded Occidental Petroleum (OXY) to Outperform from Strong Buy with a price target of $64, down from $81. The firm updated the company’s estimates to reflect the Q4 report and big drop in oil prices. Occidental’s relative share outperformance over the past month and near-term uncertainty on oil prices has the firm taking a slightly more cautious near-term stance on the stock. It cites the significantly weaker oil strip for the target cut.
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