UPDATE: Deutsche Bank Raises PT on ConocoPhillips to $90 (COP)

Deutsche Bank is out with its report today on ConocoPhillips (NYSE: COP), raising its PT to $90.

In a note to clients, Deutsche Bank writes, "We expect ConocoPhillips to refresh & extend through 2012 its differentiated shareholder-friendly "shrink to grow" strategy. The major disposal-to-share buyback programme is unique among major oils in exploiting the arbitrage between equity market valuations for majors, and asset market values for individual assets when sold. We believe all the majors apart from COP are failing to act sufficiently aggressively on this. That is partly because COP CEO Jim Mulva has the highest leverage to share price of the 'Big Six' CEOs. Reiterate Buy on higher PT of $90."

Shares of COP closed Friday at $75.35, down 1.79% from Thursday's close.