California Resources gains as BofA upgrades to 'buy'
** Shares of U.S.-based oil and gas firm California Resources CRC.N up 2.34% at $50.65
** Brokerage BofA Global Research raises rating to "buy" from "neutral", lifts PT to $65 from $57
** BofA sees natural gas with carbon capture to be the next data-center theme
** Says as power demand grows, it's unreasonable to assume that renewables can replace all that generation on a timeline that matches demand
** "CRC is a vertically integrated oil and gas producer, which supplies its own combined cycle natural gas plant called Elk Hills, situated in California's Central Valley, close to where developers have announced 1.0GW of new AI data centers by 2028," says BofA
** New PT represents about 31% premium to the stock's previous close
** Six out of 7 brokerages rate the stock "buy" or higher and 1 "hold"; their median PT is $64 - LSEG data
** Including the session's gains, the stock is down 7.37% YTD
Reporting by Pooja Menon
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