ConocoPhillips price target raised by $10 at BMO

|About: ConocoPhillips (COP)|By:, SA News Editor

ConocoPhillips (COP +0.7%) works its way higher after BMO Capital raises its price target for the shares to $80 from $70 and boosts its EPS estimates through 2016, citing improving upstream margins.

In modeling COP's cash generation to test its ability to grow upstream margins at its target of 3%-5% compound annual growth rate to 2017, BMO says its analysis provides for just 2%-3% growth but sees upside if COP can grow its Lower 48 unconventional volumes faster than expected - highly possible given COP's successful development program, the firm says, as resources already have been substantially increased.