Credit Suisse Raises COP PT To $93

Credit Suisse has raised the ConocoPhillips COP Price Target from $90.00 to $93.00. According to the report, "Step-up in Downstream Profitability: COP have been positively surprised by the demand environment and are a beneficiary of strong inland US refining margins and light-heavy differentials. As COP cuts costs, boost yields and adds 65kbd of Canadian crude processing at Wood River, R&M earnings should expand. With capex of only $1.2bn, incremental earnings drop straight down into free cashflow. We are raising our 2011/2012/2013 EPS estimates to $8.30/$8.87/$11.09 from $8.02/$8.52/$10.42 respectively. We are increasing our target price to $93 from $90." COP has an Outperform Rating and closed yesterday at $78.54.