Deutsche cuts ConocoPhillips on Venezuela worries

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http://www.reuters.com/financeNewsArticle.jhtml?type=bondsNews&storyID=7387088

CARACAS, Venezuela , Jan 20 (Reuters) - Deutsche Bank on Thursday downgraded its outlook for major U.S. oil company ConocoPhillips (COP.N: Quote, Profile, Research) to "hold" from "buy" due to concerns about the Venezuelan government's treatment of foreign oil companies.

"We are extremely concerned about what seems to be an escalating situation in Venezuela, with last year's royalty tax change compounded by the sudden rejection of a major ConocoPhillips growth project, Corocoro," the bank said in a note.

"Long term positive, short term we downgrade to hold," the statement said.

ConocoPhillips' stock dropped 1.73 percent, or $1.54, to close at $87.73 on the New York Stock Exchange.

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