JPMorgan analyst Mark Busuttil downgraded Ampol to Neutral from Overweight with a price target of A$38.10, up from A$37.50. The analyst updated commodity price and currency forecasts to the latest forward curves. With value continuing to emerge in the Australian energy sector, JPMorgan upgraded Woodside to Overweight, the analyst tells investors in a research note. However, the firm believes the refiners now look fully valued, driving downgrades to Ampol and Viva.
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