Occidental upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded Occidental (OXY) to Neutral from Sell with a price target of $64, up from $57. The firm is citing meaningful progress on lowering absolute debt following asset sales and higher oil prices, the company’s continued execution strength and progress on reducing its capital intensity and operating cost structure, as well as the management’s strategic focus on improving efficiencies and harvesting free cash flow rather than incremental resource replacement through M&A, the analyst tells investors in a research note. Goldman adds however that it sees a “mixed risk-reward skew” on Occidental shares.