Occidental price target raised to $60 from $59 at Jefferies

Jefferies’ analyst Lloyd Byrne raised the firm’s price target on Occidental (OXY) to $60 from $59 and kept a Hold rating on the shares. The change comes as the firm looks ahead to Occidental’s Q3 results, expecting cash flow per share of $4.01—about 6% above consensus—driven by stronger midstream performance and Rockies results that came in above guidance. The update indicates Jefferies sees potential for upside in near-term cash generation but is not shifting its stance to a more aggressive rating. The note was first published on TheFly.