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

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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.

Latest Ratings for APC

DateFirmActionFromTo
Jun 2016CLSAInitiates Coverage onUnderperform
Jun 2016Piper JaffrayAssumesOverweight
Jun 2016Drexel HamiltonInitiates Coverage onBuy

View More Analyst Ratings for APC
View the Latest Analyst Ratings

Posted-In: J.P. Morgan Joseph AllmanAnalyst Color Upgrades Price Target Analyst Ratings

 

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