UBS raises price target for ConocoPhillips

Yesterday, UBS increased its price target for ConocoPhillips (COP) by $1 to $70. On March 5, Morgan Stanley increased it by $1 to $78. Of the 22 analysts tracking ConocoPhillips, 41% recommend “hold,” 59% recommend “buy,” and none recommend “sell.”

UBS Raises Price Target for ConocoPhillips

“Buy” recommendations rise

Last month, “buy” recommendations rose for ConocoPhillips. One reason could be the Brent-WTI spread’s expansion in late January. ConocoPhillips is in an advantageous position if the Brent-WTI spread expands. However, with US crude oil production slowing, this spread has narrowedA rise in oil prices could push also boost COP.

Mean price target

Analysts’ mean price target for COP is $77.80, implying a ~15.1% upside based on its last closing price. In comparison, their price targets for top S&P 500 upstream holdings EOG Resources (EOG) and Occidental Petroleum (OXY) suggest an upside of 30.5% and 16.2%, respectively.

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