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BUZZ-BofA raises Occidental price target after chemicals unit sale to Berkshire

Reuters
Oct 06
BUZZ-BofA raises Occidental price target after chemicals unit sale to Berkshire

** BofA Global Research raises price target on shale producer Occidental Petroleum OXY.N to $47 from $44

** New price target represents a ~5% upside to the stock's last close

** Company said it will sell its chemicals arm OxyChem to Warren Buffett's Berkshire Hathaway BRKa.N for $9.7 billion

** Brokerage views sale as positive for OXY

** "We believe the streamlined portfolio will allow investors to better value OXY vs peers, highlighting its ability to unlock resource potential and drive down costs" - brokerage

** 8 of 25 brokerages rate the stock "buy" or higher, 15 "hold" and 2 "sell"; median PT is $52.06 - data compiled by LSEG

** Up to last close OXY down 9.2% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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