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Rising oil prices and potential buybacks make ConocoPhillips a buy, Bank of America says

ConocoPhillips Co. signage is displayed on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Friday, Nov. 4, 2016.
Michael Nagle | Bloomberg | Getty Images

Higher oil prices and the potential for larger returns to shareholders makes ConocoPhillips a hard stock for investors to resist, according to Bank of America.

Analyst Doug Leggate upgraded the oil stock to buy from neutral on Wednesday, saying that the company could throw off enough cash to offset long-term concerns about the business.

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