ConocoPhillips downgraded to Underperform at BofA on valuation

BofA downgraded ConocoPhillips (COP) to Underperform from Neutral with a price target of $102. Shares have appreciated in recent weeks, supported by geopolitical developments in Venezuela and Iran, but the firm views these factors creating “the potential for a short-lived tightening in oil markets rather than a durable shift,” says the analyst, whose oil price outlook remains unchanged and notes that the firm’s downgrade is driven primarily by valuation.