Occidental Petroleum downgraded to "neutral"

16.03.09 - Credit Suisse

NEW YORK, March 16 (newratings.com) - Analysts at Credit Suisse downgrade Occidental Petroleum Corp (OXY) from "outperform" to "neutral." The target price is set to $48.

In a research note published this morning, the analysts mention that the company?s stock currently trades at a premium to its NAV. Occidental Petroleum continues to have an impressive business model, with its low cost positions and a strong balance sheet, the analysts add. The company continues to have the ability to generate healthy growth, free cash and pay dividends, Credit Suisse says.