As previously reported, Wells Fargo analyst Sam Margolin upgraded ConocoPhillips (COP) to Overweight from Equal Weight with a price target of $132, up from $100. The firm cites an increase in dividend growth assumption within the DDM component of its valuation. While the start-up of the Willow project in 2029 creates a significant free cash flow inflection, Wells expects incremental growth to dividend capacity in the intervening years as well, driven by both natural capex easing and idiosyncratic factors. The firm sees headroom for 7% dividend growth in 2027 and 2028 pre-Willow.
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