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Investing.com - Jefferies downgraded APA Group (ASX:APA) (OTC:APAJF) from Buy to Hold while raising its price target to AUD8.79 from AUD8.44. The move comes as the stock trades near its 52-week high, having surged over 34% in the past six months, according to InvestingPro data.
The rating change comes despite APA Group’s fiscal year 2025 results being largely in line with expectations and a positive EBITDA guidance from the company.
Jefferies noted several positive developments in APA Group’s performance, including the delivery of a cost reduction program and an expanded growth pipeline.
The firm also viewed favorably APA’s strategic focus on gas opportunities rather than electricity transmission targets.
Despite these positive factors, Jefferies justified the downgrade by citing project delays and concluding that the security price is now "close to fair value following strong growth."
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