Coterra Energy upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Arun Jayaram upgraded Coterra Energy to Overweight from Neutral with a price target of $31, down from $33. The analyst views the company’s commentary at JPMorgan’s conference as among the most positive in the group, and came away with increased confidence in its operations going forward. Coterra will be able to come in well within its capex guidance for this year and should see a greater impact in 2024 as the company is able to renegotiate its contracts at lower leading edge rates, the analyst tells investors in a research note. The firm also sees a more attractive relative valuation at current share levels.