Raymond James upgrades ConocoPhillips to strong buy, sees 50% rally

Employees arrive at ConocoPhillips headquarters in Houston, Texas.
F. Carter Smith | Bloomberg | Getty Images

ConocoPhillips' stock price is undervaluing the flood of cash the oil and gas company is poised to generate, Raymond James said in a note to clients on Friday.

The Wall Street firm was already bullish on the stock and is now doubling down. Analyst John Freeman upgraded the stock to strong buy from outperform, saying the company should generate billions in cash flow ever quarter.