Jefferies Raises COP Target From $87.50 To $90

Jefferies has raised its PT on shares of ConocoPhillips (NYSE: COP) from $87.50 to $90.

"We have raised ConocoPhillips' estimated earnings by 37% in 2011 and 25% in 2012," Jefferies writes. "At our new target price of US$90 (raised by 3%) we estimate the stock would trade on a 2011 PE of 10.4x, a 19% premium to the sector average of 8.8x. COP is in the midst of a multi-year turnaround of its underperforming business, we expect the final piece of the jigsaw will be a major downstream disposal, although the timing of this is uncertain."

ConocoPhillips closed Friday at $80.79.