UPDATE: J.P. Morgan Reiterates Overweight Rating, Lowers PT on Apache Corporation

In a report published Monday, J.P. Morgan & Co. reiterated its Overweight rating on Apache Corporation

, but lowered its price target from $103.00 to $90.50. J.P. Morgan noted, “APA's relatively strong balance sheet, strong cash margins, and diversified asset base mean that the company generally has lower risk relative to the group. The name also has comparatively limited exposure to U.S. natural gas. However, APA faces country risk where it operates internationally, especially Egypt, Argentina, the U.K., and Australia. In fact, we think the stock underperformed last year largely due to the market's concern about turmoil in Egypt.” Apache Corporation closed on Friday at $77.02.