BofA analyst Doug Leggate upgraded Apache (APA) to Buy from Neutral with a price target of $36, up from $28, after the company announced a "significant discovery" on its 50% owned Block 58 in Suriname. While noting that the scale of the discovery can't be determined from the first well, Leggate holds the view that this confirms the continuation of the working hydrocarbon system from the adjacent Stabroek block and positions Apache as the next most levered US E&P to the Guyana-Suriname basin after Hess (HES). The analyst, who sees this news as "potential game changer" for the investment case, expects investor perceptions of Apache to reverse and his updated price target reflects the addition of risked exploration value for Suriname, noted Leggate.