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Apache (APA) Stock Rising on Wells Fargo Upgrade

NEW YORK (TheStreet) -- Shares of Apache Corp. (APA - Get Report) are higher by 2.52% to $50.43 on Friday afternoon, following a rating upgrade to "outperform" from "market perform" at Wells Fargo.

The firm has a price target range of $60 to $70 on the stock, up from its previous range of $30 to $40.

The rating change comes as the firm believes Apache has a strong balance sheet, TheFly reports. The firm also sees international assets allowing the company to outperform if commodity prices continue to weaken.

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