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.”
“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 narrowed. A 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.