BofA raised the firm’s price target on California Resources (CRC) to $66 from $60 and keeps a Buy rating on the shares after the firm hosted meetings with CEO Francisco Leon and CFO Clio Crespy three days after the company announced a deal to acquire Berry Petroleum (BRY) and five days after the State of California passed new legislation that “structurally changes” the capacity for operators to permit new wells. The firm believes the deal is accretive by $2 per share based on management’s target deal synergies and separately it says it sees the state’s legislative changes derisking the California operating environment.
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