Fly News Breaks for February 25, 2020
Feb 25, 2020 | 06:07 EDT
KeyBanc analyst Leo Mariani last night upgraded Apache to Overweight from Sector Weight with a $33 price target. The analyst sees a "reasonable likelihood" the company will see continued exploration success in Suriname. He believes around two 400 MMBoe gross discoveries are priced into the stock, but thinks Apache could realize multiple discoveries over the next few years. There is a reasonable likelihood that Apache could realize multiple discoveries in 2020/2021, which should provide further share upside and creates a favorable risk/reward profile, Mariani tells investors in a research note.
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