Jefferies Has Buy on Anadarko

Jefferies & Co. is out with a research report on Anadarko APC and it has a Buy rating and a $104 price target on shares. In a note to clients, Jefferies & Co. writes, "Anticipated Niobrara update is very positive as APC may position for a joint venture. We believe APC could raise $2 billion or more from a one-third JV. We continue to see APC's shale potential as one of most under-booked in our space, even before considering this Wattenberg upside, with less than 5% of risked potential booked as proved reserves at ye2010." Shares of APC closed at $79.28 yesterday.