BofA analyst Kalei Akamine raised the firm’s price target on ConocoPhillips (COP) to $120 from $102 and keeps an Underperform rating on the shares. Due to the ongoing impasse at the Strait of Hormuz, the firm is raising its Brent oil price forecast to $77.50 in 2026, up from $61 previously, and the analyst updated price targets to account for the new price deck.
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