ConocoPhillips upgraded, target raised to $90, at Howard Weil

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

ConocoPhillips (COP +0.4%) is upgraded to Sector Outperform with a $90 price target, up from $75, at Howard Weil, which says the COP story has shifted into execution phase.

The asset base is now poised to deliver 6%-10% cash flow compound annual growth through 2017 from a combination of 3%-5% production growth and 3%-5% margin expansion, Weil says, as its confidence in COP's unconventional prowess is growing based on the recent analyst day presentation, higher production targets and efficiency gains in the underlying assets.

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