BofA upgraded CNX Resources to Neutral from Underperform with a $23 price target. The firm has taken a defensive stance towards oil in 2024 and sees some risk that it may be more challenging for Saudi Arabia to stabilize the commodity price due to the combination of uncertain demand and non-OPEC growth, the analyst tells investors. However, the firm’s new rating for CNX reflects the near-term benefit of hedging and recognition of free cash flow from its new technology business.
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