ConocoPhillips price target lowered to $113 from $115 at RBC Capital

RBC Capital lowered the firm’s price target on ConocoPhillips (COP) to $113 from $115 and keeps an Outperform rating on the shares. The firm believes the company’s Q2 leverage likely increases, driven by working capital headwinds, peak capital spending, and no APLNG distributions, adding that ConocoPhillips is likely on the cusp of its free cash flow pivot point as major project spend should see a meaningful drop in Q3, the analyst tells investors in a research note.