UPDATE: Credit Suisse Upgrades Anadarko Petroleum to Outperform; Market Valuation Discounts Intrinsic Value
Credit Suisse raised its rating on Anadarko Petroleum (NYSE: APC) from Neutral to Outperform with a $90 price target.
Credit Suisse said, "Since April 2010, APC's has traded at a wide discount to intrinsic value reflecting uncertainty related to Macondo and more recently Tronox. If APC is able to put Tronox litigation in its rear-view mirror, we believe the 35% discount to intrinsic value should narrow given the quality of APC's upstream portfolio as the stock would no longer be encumbered by litigation uncertainty."
Anadarko Petroleum closed at $68.81 on Friday.
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