UPDATE: Credit Suisse Raises PT on Apache Corporation on Revised Estimates
In a report published Monday, Credit Suisse analyst Arun Jayaram reiterated an Outperform rating on Apache Corporation (NYSE: APA), and raised the price target from $100.00 to $104.00.
In the report, Credit Suisse noted, “Despite the recent rally in APA shares, we believe there is a bit more left in the tank. We reiterate our Outperform rating and raise our 12-month target price to $104 from $100 per share reflecting the higher valuation for Egypt as implied by the Sinopec transaction. Our target price is at parity with our revised NAV. While we are in the later innings of our 'self help' thesis, we believe upside from the company's key U.S. onshore assets as well as the buyback will drive outperformance from here.”
Apache Corporation closed on Friday at $86.81.
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