** Jefferies adjusts price target on U.S. oil and gas producer ConocoPhillips COP.N to $120 from $129, while reiterating "buy" rating

** The new PT represents a ~37% upside to the stock's last close

** "While expected capex reductions should support FCF growth, we believe other levers, primarily revenue- and opex-related, could be overlooked by the market in the interim"

** Brokerage expects free cash flow to uplift sooner than market anticipation, driven by accelerating maintenance, repair and operations synergies and higher production

** Brokerage adds that FCF uplift could be coming sooner than many expect as the market focuses on '25 peak capex

** 24 of 28 brokerages rate the stock "buy" or higher, 4 "hold"; median PT is $115 - data by LSEG

** Up to last close, COP down ~12% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))