UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Anadarko Petroleum Corporation

In a report published Monday, Deutsche Bank reiterated its Buy rating on Anadarko Petroleum Corporation APC, but lowered its price target from $98.00 to $91.00. Deutsche Bank noted, “We have adjusted our estimates to reflect the new DB commodity deck and refined our Q2 estimates, marking a significant move to the downside following crude's 25% retreat from its earlier highs. Current valuations are unchallenging (5.3x 2013 EBITDAx, discounting $75/bbl crude) and suggest that much of this outlook is in the price. In both 2010 and 2011 it was broader market stimulus that brought direction back to the commodity and the equities. While we are positioned for a similar crude levered recovery in 2H, the severity of the current slowdown and timing of policy response is proving a challenge.” Anadarko Petroleum Corporation closed on Friday at $68.81.