Mizuho upgraded Occidental (OXY) to Outperform from Neutral with a price target of $60, up from $58. The divestiture of OxyChem to Berkshire for $9.7B “unfetters the balance sheet,” which was a key concern on the investment case, the analyst tells investors in a research note. The firm believes Occidental will now have the financial flexibility to focus on its core oil and gas business. Occidental has one of the best portfolios of U.S. onshore, “which should take center stage going forward,” contends Mizuho.
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