BUZZ-BofA Global Research raises price target on California Resources

Reuters

09/03

** BofA Global Research raises price target on oil and gas company California Resources Corp CRC.N to $60 from $53, maintains "buy" rating

** The new PT represents a ~20% upside to the stock's last close

** Brokerage believes California Energy Commission's vote on Friday to defer new profits cap on refineries by five years is evidence that pro-oil and gas policies are receiving serious consideration by state lawmakers

** "While oil production is declining due to constraints in obtaining new oil and gas permits, the rate of decline is better than original expectations"- BofA

** 12 of 13 brokerages rate the stock "buy" or higher and 1 rates "hold"; their median PT is $60.50

** As of last close, stock down ~4% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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