UBS Boosts California Resources (CRC) Price Target After BRY Acquisition

California Resources Corporation (NYSE:CRC) ranks among the best cheap rising stocks to invest in now. UBS boosted its price target for California Resources Corporation (NYSE:CRC) to $70 from $63 on September 16, retaining a Buy rating on the company’s shares. The upgrade comes after California Resources Corporation (NYSE:CRC) acquired BRY, which UBS said was a solid move showing the company’s dedication to upstream activities in California.

The purchase follows California Resources’ acquisition of Aera last year, which made CRC “the natural consolidator” for BRY’s assets by doubling the company’s upstream reach and creating substantial synergies.

In addition to giving California Resources Corporation (NYSE:CRC)’s production and asset base significant size, UBS sees the BRY transaction as accretive across key metrics.

California Resources Corporation (NYSE:CRC) is an independent energy and carbon management company dedicated to energy transition.

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Disclosure: None. This article is originally published at Insider Monkey.