ConocoPhillips price target raised to $124 from $123 at Piper Sandler

Piper Sandler raised the firm’s price target on ConocoPhillips (COP) to $124 from $123 and keeps an Overweight rating on the shares. Second quarter IOC results highlight companies’ relative strength within energy, underpinned by a distinctive mix of growth, resource depth, and sustainable shareholder returns, further supported by an increasingly favorable medium-term refining outlook, the analyst tells investors in a research note. The firm believes Conoco Phillips is both differentiated and underappreciated.