Morgan Stanley analyst Devin McDermott lowered the firm’s price target on ConocoPhillips (COP) to $122 from $123 and keeps an Overweight rating on the shares. The firm is updating its price targets for Energy in the North America stock under its coverage, the analyst tells investors. The firm expects “clean” Q3 operational updates, but cash flow will likely be generally below consensus due to weaker gas and NGL realizations.
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