Stocks
ConocoPhillips Price Target Boosted by Goldman Sachs Analyst
An analyst from Goldman Sachs has reaffirmed their Buy rating on Conocophillips (COP), citing strong second-quarter earnings and operational outperformance. Neil Mehta notes that adjusted EPS and cash flow exceeded his forecasts and market consensus, driven by better-than-modeled contributions from the U.S. and international segments.
Production volumes in key Lower 48 plays also came in ahead of estimates, while management maintained full-year guidance and continued to return capital to shareholders through buybacks and dividends.
In line with this improved outlook, Mehta has raised his 12-month price target from $138 to $140. Morgan Stanley has also assigned a Buy rating to the stock with a $147.00 price target.