Jefferies Upgrades Anadarko Petroleum (APC) to Buy

Jefferies upgraded Anadarko Petroleum (NYSE: APC) from Hold to Buy with a price target of $88.00 (from $85.00)

Analyst Jonathan Wolff commented, "We are upgrading APC to Buy from Hold to reflect more confidence in a deep, future Delaware Basin (Wolfcamp) development, the potential for opportunistic monetizations (i.e., Mozambique, WGP shares) and a now more attractive valuation. We believe APC has one of the largest and most diverse set of assets among the E&Ps, and that APC has shown a unique and consistent ability to bring forward value through asset monetizations, JVs with carries, and its midstream assets. We are raising our PT to $88 from $85, which equates to our calculated RAAV."

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 $76.38 yesterday.

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