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SMALL BUSINESS
Ahead of the Bell:Anadarko downgraded to 'Neutral'
AP
NEW YORK -Shares of Anadarko Petroleum Corp. have reached a fair value, said an analyst on Monday as he downgraded the oil exploration and production company.
SunTrust Robinson Humphrey's John Gerdes said the company's stock price has risen faster that its peers - a full 20 percentage points above the exploration and production sector since the start of the year. Gerdes said he had anticipated these gains based on expectations for production outperformance driven by the company's Rocky Mountain and Gulf of Mexico assets, along with deepwater West African exploration success.
"At this point, we believe the market's increased confidence in the company's underlying asset base compounded by material exploration success is fully reflected in the stock price," Gerdes said, as he downgraded the stock to "Neutral" from "Buy." However, Gerdes raised his price target to $3 to reflect expectations for a rise in long-term natural gas and oil prices.
Shares of the company closed at $67.39 on Friday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-12 08:01:54
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