JPMorgan analyst Arun Jayaram upgraded Occidental (OXY) to Neutral from Underweight with a price target of $63, up from $44. The firm cites the stock’s in-line valuation relative to Occidental’s large-cap exploration and production peers on both free cash flow and balance sheet metrics for the upgrade. Occidental generates 85% of its upstream production from the U.S., but does have Middle East exposure, the analyst tells investors in a research note.
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