UPDATE: Mizuho Securities Upgrades Apache Corp. (APA) to Buy
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Mizuho Securities analyst Paul Sankey upgraded Apache Corp. (NASDAQ: APA) from Neutral to Buy with a price target of $56.00.
The analyst comments "Upgrading APA to Buy - We increase price targets for our oil E&Ps by 35% on average with our price targets now implying 41% upside. Our price targets remain based on a 10% target on unlevered free cash flow yield weighted evenly with growth-constrained NAV. We add APA to our list of Buy-rated E&Ps, re-emphasizing our bullish view on the E&Ps and energy broadly relative to the broader market. APA is in a unique spot in our coverage, with a clear plan for 10%+ cash return 2022-24 at current oil prices (60% of FCF back to shareholders) along with near-term growth (Egypt) and longer-term development (Suriname) catalysts outside the US."
Shares of Apache Corp. closed at $41.20 yesterday.
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