UPDATE: J.P. Morgan Downgrades Apache Corporation to Neutral, Lowers PT on Lack of Catalysts, Low Growth

In a report published Thursday, J.P. Morgan analyst Joseph Allman downgraded the rating on Apache Corporation 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. We downgrade the stock to Neutral.” Apache Corporation closed on Wednesday at $71.45.