ONEOK upped to Buy at Jefferies as war duration lifts odds of higher structural crude risk premium

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Jefferies has upgraded ONEOK (OKE) shares to Buy from Hold, increasing its price target to $98 from $80. The upgrade comes as the firm believes the risk-reward for the oil and gas midstream operator has become asymmetric in the stock’s favor, citing that heightened crude risk premium due to ongoing geopolitical conflict is beneficial for ONEOK. Following the upgrade, ONEOK’s stock rose 3% in Friday’s trading.

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