BofA raised the firm’s price target on ConocoPhillips (COP) to $123 from $120 and keeps an Underperform rating on the shares. The firm is updating its price targets for U.S. Oil and Gas stocks under its coverage, the analyst tells investors. BofA believes the market is positioned for de-escalation and sees a forward outlook marked by flare-ups and heightened geopolitical risks.
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