Anadarko Petro tagged with two analyst downgrades

• Anadarko Petroleum (APC -6%) is sharply lower after shares are downgraded to Neutral at both Credit Suisse and BMO Capital, following its narrower than expected Q1 loss.
• Credit Suisse’s Edward Westlake sees limited upside to his $55 stock price target even though APC had managed its debt maturities well and has a large asset base; APC probably should be more assertively building cash as it is seven years into a business cycle, Westlake says, noting that the company has a large asset base - with footprints in the Marcellus, Eagle Ford, East Texas, Louisiana and Mozambique - from which to rebuild its cash position through disposals.
• BMO says its previous Outperform rating was based on APC's low maintenance capex, quality asset base, exploration optionality and valuation, factors which now are playing out; the firm maintains its $50 price target.
• Now read Reuters: Some U.S. energy CEOs ready for new drilling