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Fly News Breaks for May 10, 2018
OXY
May 10, 2018 | 07:10 EDT
As previously reported, BofA/Merrill upgraded Occidental Petroleum to Buy from Neutral and raised its price target to $100 from $87. Analyst Doug Leggate now expects Brent oil to average $70/bbl, up from $60/bbl, through 2020, and notes Occidental's unhedged portfolio and "extraordinary leverage" to the dislocation in Permian spreads. Leggate sees additional upside from crude export capacity expansion on the US Gulf Coast and chemical environment tailwinds.
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