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Fly News Breaks for January 23, 2020
Jan 23, 2020 | 06:48 EDT
BofA analyst Doug Leggate reiterated Occidental Petroleum as his top pick for 2020 after revisiting the company's investment case with management. In a research note to investors, Leggate says that while sentiment remains "fragile," the account provided by CFO Cedric Burger "is one where progress on capital and cost synergies is faster than planned," with upside risk in terms of both cost and revenue synergy not initially included in targets. The analyst says he believes the current value, yield and line of sight to close the gap to his $80 price target positions Occidental as perhaps the most compelling opportunity in the broader energy sector in 2020 if the company's point forward investment case is judged on the merits of execution. The analyst made no change to his Buy rating.