** Mizuho upgrades shale producer Occidental Petroleum OXY.N to "Outperform" from "Neutral", lifts price target to $60 from $58

** Shares of OXY up 1.2% at $44.75 premarket; PT represents 35.6% upside to the stock's last closing price on Thursday

** OXY has one of the best portfolios of U.S. onshore reserves in terms of both inventory quality depth, which should take center stage going forward, brokerage says

** "The OxyChem sale unfetters the balance sheet giving OXY financial flexibility to focus on its core oil and gas business" - Mizuho

** However, Mizuho says OXY's nearly $1.9 billion remediation liabilities from OxyChem could impact future cash flows

** Brokerage HSBC also upgrades rating to "Buy" from "Hold", raises PT to $55 from $48

** Eight out of 25 brokerages rate the stock "Buy" or higher, 15 "Hold" and 2 "Sell"; their median PT is $52.06 - data compiled by LSEG

** As of last close, OXY shares down 10.5% YTD

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))