JPMorgan analyst Zach Parham upgraded California Resources (CRC) to Overweight from Neutral with a price target of $63, up from $60. The firm says the shares are undervalued at current levels on a sum-of-the-parts basis. It estimates fair value at $63 per share, or 30% above current levels. JPMorgan sees catalysts for California Resources at a discounted valuation.
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