What To Know About B of A Securities's Downgrade of California Resources
Portfolio Pulse from Benzinga Insights
B of A Securities downgraded California Resources (NYSE:CRC) to Neutral from a previous rating, with a new price target of $60.00, down from $64.00. CRC's shares are currently trading at $51.90, down 0.36% over the last 24 hours. The new price target suggests a potential upside of 15.61% from the current share price. California Resources is an independent oil and natural gas company operating in California, known for low carbon intensity production and focusing on decarbonization projects.
January 05, 2024 | 5:00 pm
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NEUTRAL IMPACT
B of A Securities downgraded California Resources to Neutral and lowered the price target from $64.00 to $60.00. The stock is currently trading at $51.90, indicating a potential upside according to the new target.
The downgrade to Neutral by B of A Securities reflects a more conservative outlook on California Resources, which could temper investor enthusiasm in the short term. However, the new price target still indicates a potential upside, which may limit negative impact on the stock price. The confidence level is high due to the direct mention and clear action by a notable financial institution.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100