UPDATE: Oppenheimer Upgrades Anadarko Petroleum to Outperform

According to Oppenheimer, Anadarko Petroleum

is upgraded to Outperform. Oppenheimer said that it is raising its investment rating on APC shares to Outperform from Perform with a 12-18 month price target of $90/share. “APC will fund the settlement with its $3.4B cash on hand and $5B revolver. APC plans to sell its interests in four discoveries offshore Brazil, which could generate $5.2B net proceeds.” Anadarko Petroleum closed yesterday at $70.57.