Citi downgraded Beach Energy to Sell from Neutral with a price target of A$1.40, down from A$1.60. The company’s refreshed strategic review saw capex that was still higher than the firm’s cautious forecasts, largely in the Cooper Basin, but with no apparent increase in medium-term production, the analyst tells investors in a research note. think Citi adds that Beach Energy share price has more work to reflect the lower quality nature of the portfolio.
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