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Fly News Breaks for June 13, 2016
OXY
Jun 13, 2016 | 07:03 EDT
Morgan Stanley analysts led by Evan Calio downgraded Occidental to Equal Weight based on premium valuation, below average multiple compression, and a heavy international portfolio mix. The analyst has a more constructive view on the long-term commodity outlook, raising long-term oil price assumption for Brent to $80 and upgraded the E&P industry view to Attractive, which drivers his preference for higher oil price beta companies. Calio lowered Occidental's price target to $70 from $85 on shares.
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