Mizuho analyst Nitin Kumar downgraded APA Corp. to Underperform from Buy with a price target of $48, down from $52, after assuming coverage of the name. The bullish investment case rests on further Suriname exploration success and development, but visibility on a first project remains limited, Kumar tells investors in a research note Meanwhile, the analyst does not view APA’s U.S. onshore assets as competing against broader peers on wither inventory scale or asset quality.
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