Citi analyst Alastair Syme lowered the firm’s price target on ConocoPhillips to $140 from $145 and keeps a Buy rating on the shares. The analyst updated Q2 estimates on the back of the company’s updated published guidance, with the benefit of higher price realizations increasing Citi’s earnings forecast by 8%. The firm also took the opportunity to update 2024 earnings estimates to reflect Citi’s commodities team’s view on oil prices.
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