Roth Capital downgraded ConocoPhillips (COP) to Neutral from Buy with an unchanged price target of $112. The firm says the shares are trading a higher valuation relative to peers. Global oil prices are close to a near-term top and there is downside risk for oil prices in the first half of 2026, the analyst tells investors in a research note. Roth cites valuation and “toppy” oil prices for the downgrade.
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