BofA/Merrill analyst Doug Leggate upgraded ConocoPhillips to Buy and raised his price target to $75 from $65. The analyst states that the company's portfolio is "exposed to all the good bits" with 75% exposure to Brent while avoiding the "worst of onshore price dislocations". Leggate further cites his expectation of ConocoPhillips potentially paying out a special dividend given its "pristine balance sheet" and the possibility of having about $10B in cash on hand by the end of the year, expecting investors to show interest going into the company's November analyst day since the stock price has not outperformed its peers.