UPDATE: Citigroup Downgrades Anadarko Petroleum After Judge Issues Adverse Tronox Opinion
In a report published Monday, Citigroup analyst Robert S. Morris downgraded the rating on Anadarko Petroleum Corporation (NYSE: APC) from Buy to Neutral, and lowered the price target from $108.00 to $86.00.
In the report, Citigroup noted, “United States Bankruptcy Judge, Allan Gropper, in the U.S. Bankruptcy Court Southern District of New York issued a 166-page opinion, not final judgment, in the lawsuit brought by Plaintiffs in the case of Tronox versus Kerr-McGee Corp. wherein Anadarko is the Defendant. While we are not legal experts, our reading of the opinion indicates that the Judge places the damages awardable to the Plaintiffs in a range of $5.15-14.2 billion, not including attorney's fees and costs.”
Anadarko Petroleum Corporation closed on Friday at $78.30.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.