Deutsche Bank Raises PT On OXY To $125

Deutsche Bank has raised its price target on Occidental Petroleum OXY from $120 to $125 and is reiterating its Buy rating on the stock following a conference call with the company. According to Deutsche Bank, “n upgrading Oxy shortly recently, we fully expected noise around volumes (Libya), but considered it discounted. We hoped for a bullish California update underlining long term value. A beat, perhaps driven by net income per bbl, trading, & chemicals, would be a bonus. In the event there was more volume noise – Iraq/weather – than we thought, that faded the beat. But the California update became more bullish as the conf call Q&A progressed; not only confirming our $120 NAV but raising it to $130 on faster permitting. PT up to $125, BUY.” OXY closed yesterday at $105.13.