UPDATE: Morgan Stanley Initiates Apache at Equal-Weight on Lack of Catalysts
Morgan Stanley initiated coverage on Apache (NYSE: APA) with an Equal-weight rating and a $81 price target.
Morgan Stanley said, "APA trades at the second-lowest multiple in our coverage (HES lowest); however, we see few probable catalysts that would drive a re-rating. Without success in frontier plays, we think APA will struggle to grow organically. APA trades at a fair discount for its low growth and higher-risk portfolio."
Apache closed at $77.10 on Monday.
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