UPDATE: Deutsche Bank Upgrades Apache Corporation to Buy, Raises PT on Change-Drive Equities

In a report published Wednesday, Deutsche Bank analyst Stephen Richardson upgraded the rating on

from Hold to Buy, and raised the price target from $90.00 to $105.00. In the report, Deutsche Bank noted, “At APA we see both the incentive and opportunity to drive significant change via restructuring. With 'phase one' of a divestiture / de-levering process underway ($4 Bn target) the significance of this strategic shift should not be underestimated. Growth (particularly via acquisition) has been central to the APA business model for decades, and we see the shift to divest an acknowledgement of the limits of growth for a ~800 mboe/d producer. We are willing to side with management and while risks / questions remain to the story, we upgrade the stock from Hold to Buy.” Apache Corporation closed on Tuesday at $84.35.