BofA analyst Kalei Akamine upgraded California Resources to Buy from Neutral with a price target of $65, up from $57. The pushback on natural gas with carbon capture has been that it “simply isn’t green enough,” but the attitude may be changing as the market comes to grips with power demand implications from data center buildouts, the analyst tells investors in a research note. In that context, the firm thinks the “pragmatic approach to addressing this need sees natural gas with carbon capture as a transition fuel” and it argues that California Resources “may offer unique exposure to this theme” if it goes ahead with its CalCapture project.
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