APA Corp. price target lowered to $18 from $19 at Mizuho

Mizuho lowered the firm’s price target on APA Corp. (APA) to $18 from $19 and keeps an Underperform rating on the shares. The firm adjusted ratings in the integrated oil space after updating its commodity price outlook and valuations. Mizuho still sees a positive skew in gas prices over the next 12 months. Oil stocks are pricing in the current strip while gas stocks offer a 10%-15% discount based on implied commodity prices, the analyst tells investors in a research note. As such, the firm maintains a relative preference for large-cap, gas exploration and production companies with “selective exposure” to core oil names.