J.P. Morgan Upgrades Andarko to Overweight, Optimistic on Tronox Settlement

J.P. Morgan analyst Joseph Allman upgraded

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% in pre-market trading.