Jefferies analyst Lloyd Byrne lowered the firm’s price target on ConocoPhillips (COP) to $120 from $129 and keeps a Buy rating on the shares as part of a Q3 earnings preview. The firm expects higher production to drive ConocoPhillips’ Q3 earnings above consensus. The market is focused on the company’s peak in capex this year but an uplift in free cash flow could come sooner than many expect, the analyst tells investors in a research note.
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