California Resources price target lowered to $65 from $70 at RBC Capital

RBC Capital lowered the firm’s price target on California Resources to $65 from $70 but keeps an Outperform rating on the shares. The stock has negatively reacted to a 106-page opinion provided by a three-judge panel as the oil & gas permit process is being litigated between Kern County and environmentalist groups, the analyst tells investors in a research note. While there is a path for permit resumption, the County must address those items before a permit process is reinstated, the firm added.