ConocoPhillips price target raised to $121 from $98 at Bernstein

Bernstein raised the firm’s price target on ConocoPhillips (COP) to $121 from $98 and keeps an Outperform rating on the shares. The firm updated models in the energy and transportation group to reflect current crude prices and crack spreads, “while acknowledging a wide range of future outcomes.” Bernstein moved Expand Energy to its top idea. Wars that do not end within weeks could typically last for years, the analyst tells investors in a research note. Given the “uncertainty and right tail risk,” the firm continues to recommend adding energy exposure.