Is this man stupid or something? I bet I can make a better call without any personality changes.....
In a report published Friday, Bank of America analyst Doug Leggate reiterated an Underperform rating on ConocoPhillips (NYSE: COP), and raised the price target from $75.00 to $77.00.
In the report, Bank of America noted, "We expect a top line growth outlook that lags peers while a substantial step up in exploration capital lacks the track record, prospect surety or materiality to move the needle, albeit we acknowledge the option value as part of the investment case. Taken together with a near term capital outlook that we view as substantially more capital intensive versus peers, we struggle to justify how COP can sustain a premium multiple vs. the peer group."
Analysts always have a hidden agenda that seldom includes retail investors but always includes the analyst and their own company. In addition Leggate works for the company that recently reversed a previously announced dividend by 80% and made a mealy mouthed statement trying to hide the fact that they are so inept they can't add up the financials inside their own business….. let alone make a meaningful fiscal judgement about the oil industry. Former BAC CEO Ken Lewis should be in jail for bailing out his Countrywide and Merrill personal friends at share holder expense. BAC is a mess and any information they disgorge is highly suspect!