ConocoPhillips got a reiterated buy rating from a Goldman Sachs analyst. The stock also got added to Goldman’s conviction list.
Analyst Neil Mehta said that micro/macro fundamentals are bottoming and that he expects ConocoPhillips to be a strong participant in the upcoming oil price upcycle, “given the level of underperformance relative to large-capitalization U.S. majors to date, as well as the company’s strong leverage to Brent [crude].".
Mehta also raised his price target to $51 from $38