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Fly News Breaks for January 4, 2019
COP
Jan 4, 2019 | 08:46 EDT
BofA/Merrill analyst Doug Leggate downgraded ConocoPhillips to Neutral from Buy and lowered its price target to $72 from $82 saying risk/reward is balanced between downside to strip prices and the firm's Brent base case of $65/bbl. Leggate acknowledges a recovery in oil prices could lead to material upside, but views volatility as the biggest challenge as too many stocks are competing for shrinking investor dollars.
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