ConocoPhillips price target lowered to $115 from $120 at RBC Capital

RBC Capital lowered the firm’s price target on ConocoPhillips (COP) to $115 from $120 but keeps an Outperform rating on the shares. Debate remains on the quantum of the company’s 2025 shareholder returns and waiting for the free cash flow inflection point over the coming years, though the recent market volatility and impending working capital headwinds drove the pivot to the downside in the stock, the analyst tells investors in a research note.