Deutsche Bank Upgrades Anadarko Petroleum (APC) to Buy
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Deutsche Bank upgraded Anadarko Petroleum (NYSE: APC) from Hold to Buy with a price target of $77.00 (from $64.00). Analyst Ryan Todd highlighted its differentiated growth.
"With the recent FCX transaction, APC addressed our primary concerns (funding profile, growth, leverage), emerging as a relatively differentiated, large-cap growth vehicle. We see APC's best-in-class US onshore assets as underpinning top-quartile crude volume growth within cash flow, with conventional/midstream assets providing an advantaged source of funding, while onshore resource/volume revisions, underappreciated offshore assets and asset sales offer potential further catalysts. Despite recent performance, we see attractive value with APC at a 10%-15% discount to large-cap growth names," said Todd.
Shares of Anadarko Petroleum closed at $63.93 yesterday.
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Related EntitiesDeutsche Bank, Crude Oil
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