Strategic Acquisition and Legislative Support Boost California Resources Corp to Buy Rating
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Kalei Akamine has assigned a Buy rating to California Resources Corp (CRC) due to its strategic acquisition of Berry Petroleum, which is expected to add approximately $2 per share in value. The acquisition is anticipated to yield significant cost savings and enhance CRC's financial outlook. Additionally, California's SB 237 legislation is seen as a de-risking factor, potentially adding $4 per share to the price objective. Consequently, the price target has been raised to $66 per share, with Jefferies also maintaining a Buy rating at $71.00.
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