California Resources upgraded to Overweight from Equal Weight at Barclays

Barclays upgraded California Resources (CRC) to Overweight from Equal Weight with a price target of $60, up from $50. The firm says an improving regulatory environment creates tailwinds across the company’s exploration and production, power, and carbon capture businesses. It sees California Resources benefiting from an “attractive slew of idiosyncratic catalysts” over the next 12 months. For a stock that trades below the producing value of its upstream assets, California Resources “has multiple idiosyncratic catalysts on the horizon that could crystallize value for shares,” contends Barclays.