RBC Capital raised the firm’s price target on APA Corp. (APA) to $29 from $26 and keeps a Sector Perform rating on the shares. The stock is benefiting from strong oil prices given its relative beta-correlation to oil and the strong Q4 earnings and guidance last week, the analyst tells investors in a research note. The firm remains neutral on shares however given more longer-dated catalysts, relative valuation, and shorter inventory duration, RBC adds.
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