JPMorgan's Arun Jayaram just initiated coverage of ConocoPhillips COP with a Neutral rating and a price target of $126, down from the previous target of $139. The change reflects Jayaram's cautious outlook on oil fundamentals as a host of geopolitical and market uncertainties loom, but there's no denying ConocoPhillips' defensive prowess, as the company prepares for potential upside surprises.While oil prices face potential downside pressure — due to factors like the Israel-Iran conflict, the U.S. election, ...