Morgan Stanley raised the firm’s price target on ConocoPhillips to $129 from $123 and keeps an Overweight rating on the shares. The energy sector is experiencing an improving macro backdrop, which has led to a catch-up trend experience in energy stocks, the analyst tells investors. With valuations still 2x the historic discount vs S&P, strong free-cash-flow yields, and positive earnings revisions, the firm sees a path to further outperformance.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on COP:
- ConocoPhillips price target raised to $139 from $132 at Mizuho
- Early notable gainers among liquid option names on March 14th
- Exxon Mobil price target lowered to $130 from $142 at Piper Sandler
- TotalEnergies price target lowered to $75 from $76 at Piper Sandler
- Shell price target raised to $76 from $75 at Piper Sandler