Anadarko Petroleum upgraded to "buy"

12/04/03 - Merrill Lynch

NEW YORK, December 4 (New Ratings) - Analysts at Merrill Lynch upgrade Anadarko Petroleum, Inc (APC) from “neutral” to “buy.” The 12-month target price has been set to $56.00.

In a research note published yesterday, the analysts mention that Jim Hackett has taken over from Bob Allison as the President and CEO of Anadarko Petroleum. Jim Hackett has an impressive track record and his induction would stimulate a process of change for the company, the analysts believe. The company's stock has recently been underperforming the sector on account of the uncertainties associated with its future leadership, Merrill Lynch adds.