UPDATE: Bank Of America Reiterates On Anadarko Petroleum Corporation Following Days On The Road With Management

In a report published Monday, Bank of America analyst Doug Leggate reiterated a Buy rating on Anadarko Petroleum Corporation (NYSE: APC), and raised the price target from $125.00 to $135.00.

In the report, Bank of America noted, “A few days on the road with management underlines several issues we believe are under recognized – most importantly, when adjusted for non-producing assets APC trades on the lowest EV/DACF multiple in the large cap US oils. In this respect our key takeaway from the road is greater confidence that management will take the necessary steps to close the gap. While oil price risk stands front and center across the sector, with over 50% of current EV effectively immune from near-term commodity moves, we believe APC falls into the category of a defensive name amongst peers. Reiterate Buy, PO moves to $135 upon updated asset review.”

Anadarko Petroleum Corporation closed on Friday at $98.70.