Barclays analyst Betty Jiang raised the firm’s price target on California Resources (CRC) to $66 from $60 and keeps an Overweight rating on the shares. The Berry acquisition is “good deal” as it is a well-timed transaction to buy low decline, conventional California assets ahead of easing of oil and gas permitting regulations, the analyst tells investors in a research note. The firm sees believes synergy and development optimization expectations have upside.
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