ConocoPhillips downgraded to Sell on valuation at Societe Generale

Societe Generale analyst Raphael Dubois downgraded ConocoPhillips to Sell from Hold with a $114 price target. The analyst cites valuation for the downgrade. At current levels the stock discounts “yet another year” of commodity prices at “inflated” 2022 levels, Dubois tells investors in a research note. The analyst says ConocoPhillips’ “shareholder friendly model is now too expensive.”