Bear Stearns Ups Targets on Crude, Refiners

Bear Stearns lifted its 2008 target price for West Texas Intermediate crude oil to $75 from a previous $60, while upgrading refiners BP (BP), Chevron (CVX) and Marathon (MRO). Bear Stearns also boosted its price targets on Total (TOT) and Murphy Oil (MUR). "Our new forecast reflects the recent rise in oil prices, and our view that, while moderating fundamentals will continue to push oil prices lower, prices will be supported at a higher level than our previous estimates by ongoing geopolitical factors, cost inflation, a weaker U.S. dollar, and speculative interest in the commodity," analysts wrote in a note to investors. "We believe the international integrated oils are attractively valued, and our outlook for higher oil prices casts a compelling light on the group."

Sources: MarketWatch

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