TD Cowen raised the firm’s price target on APA Corp. (APA) to $20 from $18 and keeps a Hold rating on the shares. The firm says the company had a strong print, beating production in all 3 geographies. EBITDAX beat consensus by 13% and Capex beat by 4%. Cost reduction initiatives were accelerated a full year into 2026. Net debt was reduced by 15% after New Mexico asset sales and a new $3B Net Debt target was initiated. Free cash flow inflects positively in 2026 with run-rated cost cuts, lower tax burdens and improved capital efficiency, TD Cowen adds.
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