Occidental Petroleum upgraded to Outperform from Market Perform at TD Cowen

TD Cowen analyst David Deckelbaum upgraded Occidental Petroleum to Outperform from Market Perform with a price target of $70, up from $63. The analyst says Occidental offers a "superior" risk/reward balance given its exposure to crude pricing, capital structure shifts, captive buying support from Berkshire Hathaway, and a favorable free cash yield. The company offers a "differentiated catalyst rich profile in a world of relatively homogeneity" across the exploration and production sector, the analyst tells investors in a research note.