RBC Capital Markets cuts PT on ConocoPhillips, sees near-term headwinds

RBC Capital Markets cuts price target on oil and gas producer ConocoPhillips COP.N to $115 from $120

New PT still implies 34.3% upside to stock's last closing price

Brokerage says although COP continues to show solid operational performance, there are near-term headwinds that have caused market angst

Lowers its cash flow per share expectations for COP

Management not overtly reaffirming the $10 bln minimum shareholder return commitment drew a lot of attention - RBC

Brokerage, however, maintains COP is still an "attractive long-term option on oil" given its good balance sheet, asset quality and visible organic free cash flow growth over next few years

24 of 28 brokerages rate the stock "buy" or higher, and 4 "hold"; median PT is $115.11 - data compiled by LSEG

As of last close, COP shares down 13.7% YTD