APA Corp. downgraded to Outperform from Strong Buy at Raymond James

Raymond James downgraded APA Corp. (APA) to Outperform from Strong Buy with a price target of $32, down from $45. The firm updated the company’s estimates to reflect the Q4 report and big drop in oil prices. The analyst anticipated APA’s recent cost cutting initiatives would be well received by investors, but says the magnitude and timing of the savings were both disappointing relative to prior expectations. Raymond James does not see a near-term catalyst for shares and cites the current oil price uncertainty for the downgrade.