UPDATE: Global Hunter Securities Initiates Buy, $102 PT on Anadarko Petroleum

Global Hunter Securities initiates coverage of coverage of Anadarko Petroleum APC with a Buy rating and $102 price targetAPC with a Buy rating and $102 price target, reflecting on the quality of the company as an international exploration play. Global Hunter Securities notes, "With the overhang from the BP Macondo incident in the rear view mirror (mostly) and a catalyst-rich portfolio ahead, we see Anadarko Petroleum (APC) as a compelling play on international exploration, but one with enough North American production to make swallowing Africa risk a little easier. APC had a remarkable 80% success rate with its 2011 deepwater exploration and appraisal campaign. In the Denver/Julesberg (DJ) Basin, APC has unlocked between 500 and 1,500 MMboe with horizontal drilling at the Wattenberg field, and returns are boosted by a legacy land grant position." APC closed at $81.87 a share on Tuesday.