UPDATE: Canaccord Initiates Anadarko Petroleum with Buy on Multiple Positive Factors

In a report published Tuesday, Canaccord Genuity analyst Robert Christensen initiated coverage on Anadarko Petroleum Corporation APC with a Buy rating and $115.00 price target. In the report, Canaccord Genuity noted, “We see APC's success in high-risk, high-impact offshore exploration growing its NAV and future production as well as providing it the optionality to sell down stakes in big discoveries. APC can reinvest proceeds in its more predictable onshore US operations. This formula is unique among APC's large-cap E&P peers.” Anadarko Petroleum Corporation closed on Monday at $91.52.