APA Corp. price target lowered to $23 from $26 at Piper Sandler

Piper Sandler analyst Mark Lear lowered the firm’s price target on APA Corp. (APA) to $23 from $26 and keeps a Neutral rating on the shares. The firm is updating its thoughts on the U.S. upstream landscape heading into what is shaping up as a tricky investment environment in FY25. Piper has updated its estimates for its revised oil outlook, looking at free cash flow/EV sensitivities at various oil and gas price scenarios, and rolled out FY26 comps and updated projections of oil and gas prices discounted in its coverage.