J.P. Morgan Upgrades Andarko, Optimistic on Tronox Settlement
J.P. Morgan analyst Joseph Allman upgraded Anadarko Petroleum (NYSE: APC) from Underweight to Overweight and raised the price target from $84.00 to $129.00.
The analyst is optimistic on Anadarko's announcement of a settlement in the Tronox Adversary Proceeding. Allman commented, “We view this settlement as positive for the stock, even after Thursday afternoon's share price move.”
Shares of Anadarko jumped from $86.04 to $95.62 before 2:00 PM (EST) on Thursday. The stock continued to climb, closing at $99.02. On Friday, shares are currently up +2.15 percent in pre-market trading.
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