** TD Cowen raises price target on U.S.-based oil and gas firm California Resources CRC.N to $74 from $65

** CRC shares up 1.1% at $58.68 premarket with low volumes

** New PT represents 27% upside to stock's last close

** Brokerage says "CRC is our best idea for 2025 as co embarks on multiple value unlocking catalysts that we feel are still underappreciated by investors"

** Adds CRC has several potential catalysts over the course of FY25 that should materially illuminate unlocked value potential

** Catalysts include acquiring permits for its Carbon TerraVault $(CTV)$ project, securing long-term Power business contracts and ending drilling freezes in its exploration and production (E&P) business

** "We expect to gain clarity on those issues over the course of FY25" - TD Cowen

** 9 of 10 brokerages rate stock "buy" or higher, 1 "hold"; their median PT is $65.50 - data compiled by LSEG

** As of last close, stock up 6.16% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))