UPDATE: J.P. Morgan Downgrades Apache Corporation to Neutral on Lack of Catalysts, Low Growth
In a report published Thursday, J.P. Morgan analyst Joseph Allman downgraded the rating on Apache Corporation (NYSE: APA) from Overweight to Neutral, and lowered the price target from $89.50 to $76.50.
In the report, Allman noted, “Historically, APA has achieved good rates of return, maintained a relatively strong balance sheet and built upon a diversified asset base. However, we think that the company's lack of meaningful catalysts, relatively low growth, and risky or burdening assets will cause the stock to perform only in line with the group or even underperform.”
Apache Corporation closed on Wednesday at $71.45.
Latest Ratings for APA
|Oct 2014||Morgan Stanley||Maintains||Equal-weight|
|Sep 2014||Wolfe Research||Initiates Coverage on||Peerperform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.