California Resources price target raised to $60 from $53 at BofA

BofA raised the firm’s price target on California Resources (CRC) to $60 from $53 and keeps a Buy rating on the shares, noting that California Governor Gavin Newsom and state energy officials are promoting a draft that would revive oil and gas permitting in the state. Should the Legislature clear the way for oil permitting, the firm believes the “market can recenter its focus on the attractive option value” that it believes differentiates the California Resources investment case, the analyst tells investors.