Apache APA shares are trading five percent higher Tuesday following news that Jana has taken a $1 billion stake in the company.
In response to Jana's new stake Apache, Bank of America has issued a note in which it said its initial reaction is not to chase the stock higher based on the belief that there are barriers preventing a wholesale exit from other international business.
Bank of America rates Apache at Neutral due to both a growth outlook that is at the low end of its peers and an absolute value that is only "modestly" above the current share price.
In a contrasting view, the team at Oppenheimer noted that a sale of Apache's international assets could fund over $10 billion in buybacks and has reiterated an Outperform rating, while raising the price target from $110 to $120.
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