UPDATE: Credit Suisse Downgrades Apache Corporation to Neutral, Lowers PT on Extended Duration to Free Cash Flow Inflection

In a report published Tuesday, Credit Suisse analyst Arun Jayaram downgraded the rating on

from Outperform to Neutral, and lowered the price target from $104.00 to $102.00. In the report, Credit Suisse noted, “We are downgrading APA shares to Neutral from Outperform and lowering our target price to $102 from $104 per share. While APA shares trade at discounted cash flow multiples versus its peers, we believe this discount may persist as APA isn't poised to reach a free cash flow inflection point until ‘17. Meanwhile, it appears the company's 'self-help' initiatives, which added value, are largely in the rear-view mirror.” Apache Corporation closed on Monday at $80.75.