ConocoPhillips (COP) PT Raised to $170 at Raymond James

Raymond James analyst John Freeman raised the price target on ConocoPhillips (NYSE: COP) to $170.00 (from $168.00) while maintaining a Outperform rating.

The analyst comments "The extended bullish run that oil has enjoyed has us once again updating estimates for the current strip. Our operating assumptions in the model are nearly unchanged with our estimates roughly in line with the Street. The 3Q earnings call will be the first with Andy O’Brien in the CEO seat, but we don’t anticipate any changes to the message. The focus should remain on the FCF inflection COP is set to realize over the next few years. COP trades at ~8% FCF/EV (2027E), but FCF inflection over the subsequent few years should drive significant improvement. Overall, we reiterate our Outperform rating and raise our price target to $170/share ($168 prior) on an improved oil strip since our prior publication."

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