APA Corp. price target raised to $39 from $21 at Wells Fargo

Wells Fargo raised the firm’s price target on APA Corp. (APA) to $39 from $21 and keeps an Equal Weight rating on the shares. With a ceasefire in Iran, the firm moves its long-term oil forecast to $75/$70 Brent/WTI. As in 2022, a mid-cycle correction sets up an entry point for a more orderly re-rating of advantaged stocks, adds Wells.