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COP

ConocoPhillips

$46.46

0.71 (1.55%)

11:06
11/28/16
11/28
11:06
11/28/16
11:06

Goldman says buy ConocoPhillips ahead of 'achievable' asset sales

Goldman Sachs upgraded ConocoPhillips (COP) to Buy from Neutral, saying that the company has multiple positive catalysts and the stock is attractive following its weak performance this year. The firm also added the stock to its Conviction List. CATALYSTS: After slashing its dividend by 66%, ConocoPhillips should buy back $1B of its stock from 2017-2018 and grow its annual dividend by 5%-10% annually during the same period, wrote Goldman analyst Neil Mehta. Moreover, although investors are skeptical about the company's ability to sell $5B-$8B of assets by the end of 2017, the goal is "achievable," given its successful sale of assets in the past, Mehta believes. Finally, oil prices should rise in the medium term, and ConocoPhillips should be able to increase its production every year through the end of this decade, the analyst believes. VALUATION, TARGET: ConocoPhillips' valuation is compelling, especially after it underperformed its peers by 22% so far this year, wrote Mehta, who raised his price target on the stock to $54 from $47. PRICE ACTION: In morning trading, ConocoPhillips rose 1% to $46.22 per share.

  • 13

    Dec

COP ConocoPhillips
$46.46

0.71 (1.55%)

11/15/16
LYON
11/15/16
DOWNGRADE
Target $47
LYON
Underperform
ConocoPhillips downgraded to Underperform at CLSA
As previously reported, CLSA downgraded ConocoPhillips to Underperform and maintained its $47 price target. Analyst Asit Sen said ConocoPhillips' lack of Delaware/Midland exposure is a significant negative when compared to peers and prefers more aggressive moves to lower debt instead of the $3B announced buyback.
11/15/16
11/15/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. FedEx (FDX) downgraded to Hold from Buy at Stifel with analyst David Ross citing valuation, as well as concerns about the "still-fragile global economic environment" and the integration of its TNT acquisition. 2. Abercrombie & Fitch (ANF) downgraded to Underperform at FBR Capital while the firm also downgraded American Eagle (AEO) to Market Perform from Outperform. 3. Amplify Snack Brands (BETR) downgraded to Perform from Outperform at Oppenheimer and to Neutral from Outperform at Credit Suisse. 4. BP (BP) downgraded to Outperform from Buy at CLSA while the firm also downgraded ConocoPhillips (COP) to Underperform from Outperform. 5. Cheesecake Factory (CAKE) downgraded to Hold from Buy at Maxim with analyst Stephen Anderson saying he sees the company's above-peer comps, market share gains, and solid new unit development prospects as being priced in after the 22% jump in the stock from its late October low. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/28/16
GSCO
11/28/16
UPGRADE
GSCO
Conviction Buy
ConocoPhillips upgraded to Conviction Buy from Neutral at Goldman
Goldman analyst Neil Mehta upgraded ConocoPhillips to Conviction Buy and raised its price target to $54 from $47. Mehta said ConocoPhillips offers the most attractive free cash yield among US majors/E&P and believes the company will grow its production through the ned of the decade. Further, the analyst expects capex to stay low and expects capital returns to grow in 2017-18, with 4%-10% dividend growth, and a $1B/yr buyback.
11/28/16
11/28/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Deere (DE) upgraded to Neutral from Underweight at Piper Jaffray with analyst Brett Wong saying investors will likely continue to pay "lofty multiples" since a bottom of the cycle is close. 2. ConocoPhillips (COP) upgraded to Conviction Buy from Neutral at Goldman with analyst Neil Mehta saying ConocoPhillips offers the most attractive free cash yield among U.S. majors/E&P and believes the company will grow its production through the ned of the decade. 3. Comerica (CMA) upgraded to Buy from Hold at Jefferies with analyst Ken Usdin saying the company's earnings are likely to benefit more than peers from higher short-term interest rates and a potentially lower Federal tax rate. 4. DuPont Fabros (DFT) upgraded to Outperform from Neutral at Baird with analyst David Rodgers citing its future development opportunity, solid corporate execution, and valuation. 5. Horizon Pharma (HZNP) upgraded to Buy from Neutral at Citi analyst Liav Abraham saying the risk/reward as favorable into the upcoming pivotal data for Actimmune in Friederich's Ataxia. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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