UPDATE: Morgan Stanley Initiates Apache at Equal-Weight on Lack of Catalysts

Morgan Stanley initiated coverage on Apache

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.