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ConocoPhillips (COP) Stock Gains, Upgraded at Jefferies

NEW YORK (TheStreet) -- ConocoPhillips' (COP) stock rating was increased to "hold" from "underperform" at Jefferies on Wednesday morning.

The firm also raised its price target to $40 from $37 on shares of the Houston-based exploration and production company.

The upgrade is due to valuation and improving financial metrics.

"COP has been amongst the most aggressive companies in the sector in cutting costs and we expect the company can balance its cash cycle at $49 per barrel," Jefferies wrote in an analyst note.

ConocoPhillips has been...