Wells Fargo initiated coverage of Occidental (OXY) with an Underweight rating and $42 price target While calling Occidental a “top-tier operator” and noting that the OxyChem sale pulled forward debt targets, the firm is concerned about a significant near-term headwind to free cash flow given the company’s oil sensitivity. Even with leverage resolved, Occidental will “likely maintain high beta to commodity dips,” the analyst tells investors.
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