ConocoPhillips price target raised to $128 from $118 at Barclays

Barclays analyst Betty Jiang raised the firm’s price target on ConocoPhillips (COP) to $128 from $118 and keeps an Overweight rating on the shares. The firm increased 2026 oil price estimates on the Iran war and believes cash flow tailwinds for the exploration and production group remain underappreciated. While the oil spike is “unlikely to last for long,” the market is underappreciating the cash flow benefit and the “durable benefit” it will have on the group’s capacity to increase cash returns beyond the conflict, the analyst tells investors in a research note.