Piper Sandler upgraded Occidental (OXY) to Overweight from Neutral with a price target of $66, up from $54. Piper cites its increased price deck for the upgrade. The firm increased its mid-cycle crude price forecast to $75 per barrel from $70 amid the Iran war. The analyst expects lasting supply impacts. Higher prices are required to incentivize investment in production, the analyst tells investors in a research note.
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