Mizuho Downgrades Occidental Petroleum to Neutral, Announces $63 Price Target
Portfolio Pulse from Benzinga Newsdesk
Mizuho analyst Nitin Kumar downgraded Occidental Petroleum (NYSE:OXY) from Buy to Neutral and set a price target of $63. The downgrade reflects a more cautious stance on the company's stock.
January 03, 2024 | 1:44 pm
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Occidental Petroleum was downgraded by Mizuho from Buy to Neutral with a new price target of $63, indicating a potential pause in bullish sentiment for the stock.
Analyst downgrades typically lead to a short-term negative reaction in the stock price as they suggest a lower expected performance. However, the neutral rating and the setting of a price target can also indicate that the stock is fairly valued, leading to a neutral score.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90