California Resources Has ‘Unique Exposure’ To Meet Power Demand, Says Bullish Analyst On Heels Of Aera Merger

Last month, California Resources Corp (NYSE:CRC) completed its all-stock merger with Aera Energy, in a deal valued at $2.1 billion.

Datacenters, many of which have deep pockets, could be an opportunity to commercialize carbon capture and storage (CCS), according to Bank of America Securities.

Bank of America Securities analyst Kalei Akamine upgraded the rating for California Resources from Neutral to Buy, while raising the price target from $57 to $65.

“California’s power grid isn’t growing fast enough,” the firm stated in the note. Deep-pocketed datacenters may not be willing to wait four years to connect; This backdrop may be the opportunity CCS …

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