0006 GMT - Beach Energy's share selloff leaves the stock looking fairly valued to Citi analyst James Byrne, who raises his recommendation to neutral from sell. Byrne tells clients in a note that his recent site visit to Beach's Waitsia onshore gas project has left him feeling more positive. Capital-expenditure contingencies have not been utilized to the extent that he had feared, and his capex estimate is now less onerous than previously forecast. He warns that Beach still has to contend with oil-price weakness and execution risks and continues to see the investment case as difficult. Citi raises its target price 9.1% to A$1.20. Shares are up 8.2% at A$1.315. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
December 11, 2024 19:06 ET (00:06 GMT)
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