Piper Sandler raised the firm’s price target on ConocoPhillips (COP) to $157 from $154 and keeps an Overweight rating on the shares. The firm is revising its EPS/EBITDA estimates slightly higher on a mark to market update on commodity prices and modest changes to its operating assumptions. Piper continues to like ConocoPhillips on peer-leading long-term free cash flow growth underpinned by robust resource depth/quality, commodity leverage, and limited exposure to geopolitical tensions in the Middle East.
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