Beach Energy downgraded to Sell from Neutral at Citi

Citi analyst James Byrne downgraded Beach Energy (BEPTF) to Sell from Neutral with a price target of A$1.30, up from A$1.20. Following a sharp rally in the shares, the firm thinks the stock “has gone too far relative to the remaining execution risks” and contends “there is no upside left to own” Beach with execution uncertainty skewing the risks to owning the shares to the downside.