Canaccord Genuity Reiterates a 'Buy' on Anadarko Petroleum (APC); Raises PT on Solid Quarter

Canaccord Genuity reiterates a 'Buy' on Anadarko Petroleum (NYSE: APC) price target raised from $101 to $107.

Analyst John Gerdes, said, "We are raising our target price due to a beneficial reassessment of Algerian cash taxes and higher US/Algerian oil price realizations. We reiterate our rating on APC as the company offers exposure to deepwater exploration and high productivity/growth resource plays (Marcellus, Niobrara, Eagle Ford). Further, potential Brazil/DJ-Powder River Basin sales would be accretive to our target."

For an analyst ratings summary and ratings history on Anadarko Petroleum click here. For more ratings news on Anadarko Petroleum click here.

Shares of Anadarko Petroleum closed at $86.82 yesterday, with a 52 week range of $57.11-$87.55.

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