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Tuesday, Sep 3
Apache gets more upgrades after Egyptian asset sale
- Apache (APA +0.2%) is upgraded to Buy from Neutral with a $100 target price (up from $90) at Mizuho, which says APA's sale of 33% of its Egyptian assets to Sinopec (SNP) is remarkable given the ongoing upheaval in the country.
- The firm sees the move as excellent for APA since it lowers exposure in a volatile region, brings in a solid partner and marks to market an asset for which the company received little credit.
- Even better, APA could convince SNP to take some of its Argentine assets off its hands, Canaccord analysts say in lifting APA's target price to $113 from $106.
- Johnson Rice also upgrades shares, to Overweight from Equal Weight.