Jefferies Comments on Meeting with ConocoPhillips

According to a recent report, Jefferies hosted ConocoPhillips COP on its recent management roadshow in the UK. The key topic discussed at the meeting was COP's determination to maintain the progress of its strategic turnaround. Jefferies has maintained a Buy rating and $90.00 price target on the company and believes downstream restructuring remains key for future re-rating. In the report, Jefferies said, "Although it remains a tough market for refinery disposals, we think the recent strength in margins has improved prospects for this to occur sooner than the market currently expects. This still remains the key, we believe, to the stock's continued re-rating." ConocoPhillips closed yesterday at $71.46.