Benchmark analyst Subash Chandra initiated coverage of APA Corp. with a Buy rating and $46 price target. APA has “significant leverage” to a recovery in global energy prices and its assets in Suriname and contract to sell LNG are “differentiated,” the analyst tells investors. The company’s multiple is currently burdened by domestic assets that are viewed as “gassy and mature,” but that below-average multiple should rise as Suriname assets are increasingly reflected in the share price, the analyst contends.
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