Bernstein analyst Bob Brackett downgraded APA Corp. to Market Perform from Outperform with a price target of $50, down from $51, as part of a broader research note on North American Oil & Gas Exploration/Production names. The company is a value name with an oil-focused global portfolio with exposure to the Permian, deepwater North Sea, Egypt, and deepwater Suriname, the analyst tells investors in a research note. The firm adds however that it is downgrading the stock due to cyclical timing, despite its rich international growth potential.
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