UBS raised the firm’s price target on California Resources (CRC) to $75 from $63 and keeps a Buy rating on the shares. Energy is viewed as offering attractive risk/reward, with the higher price target reflecting a $10/bbl increase in 2026 oil price assumptions to $68 WTI and $72 Brent and a modest valuation multiple expansion due to geopolitical risk, the analyst tells investors in a research note. Markets appear to underprice prolonged Middle East conflict and potential Qatar gas supply disruptions, which could lift oil and natural gas prices and drive the strongest free cash flow upside for companies producing both oil and gas, the firm says.
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