Analysts at JP Morgan maintain their "overweight" rating on Anadarko Petroleum Corp (NYSE: APC), while reducing its estimates for the company. The target price for APC is set to $74.00.
According to JP Morgan, “APC currently trades at a steep discount from the uncertainty regarding the Macondo spill costs and liabilities. We think APC will pay far less than the stock’s lost market value implies. The stock has significant upside associated with West Africa and Gulf of Mexico exploration programs. Anadarko is catalyst- rich, for the company is drilling up to 18 deepwater exploration and development wells this year.”
JP Morgan has reduced its EPS estimate for 2010 from $11.41 to $11.32 to reflect a change in “our commodity price assumptions.”...