Morgan Stanley analyst Devin McDermott downgraded APA Corp. to Equal Weight from Overweight with a price target of $44, down from $52. The shares have outperformed peers by 4% since mid-2022 and looking ahead, the company’s exposure to global gas prices and European Union windfall taxes "creates outsized pressure" on its free cash flow, shareholder returns, and valuation, the analyst tells investors in a research note.
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Published first on TheFly
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