Following ConocoPhillips COP's sale of the bulk of its Canadian operations, Credit Suisse said it thinks patience will be rewarded. The firm also raised its price target for the shares of the company.Sale At Higher-Than-expected Implied ValueIn a note released on Wednesday, analysts Edward Westlake, Ben Combes and Chandra Meenaga said the implied value of the sale is $60 per share (total proceeds at $13.3 billion), is $5 higher than their NAV estimate of $55 per share. The higher value, according to the analysts, may be reflecting the hidden value in the Deep Basin position and associated infrastructure.Credit Suisse thinks the sale would raise questions over M&A. But at the same time, the firm believes in a cyclical capital-intensive industry, there is option value for a disciplined management team who wait. Notwithstanding the firm's forecast for a recession within the next three years, it feels patience will be rewarded.Read more