California Resources Has 'Unique Exposure' To Meet Power Demand, Says Bullish Analyst On Heels Of Aera Merger
Portfolio Pulse from Priya Nigam
California Resources Corp (NYSE:CRC) completed a $2.1 billion merger with Aera Energy. Bank of America Securities upgraded CRC's rating from Neutral to Buy, raising the price target from $57 to $65, citing potential in carbon capture and storage (CCS) amid growing power demand.
August 21, 2024 | 4:19 pm
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California Resources Corp completed a merger with Aera Energy, valued at $2.1 billion. Bank of America Securities upgraded CRC to Buy, with a new price target of $65, highlighting potential in carbon capture and storage (CCS) due to increasing power demand.
The merger with Aera Energy and the upgrade by Bank of America Securities are significant positive developments for CRC. The analyst's focus on CRC's potential in CCS amid growing power demand suggests a favorable outlook, likely boosting investor confidence and stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100