RBC Capital analyst Gordon Ramsay upgraded Santos (SSLZY) to Outperform from Sector Perform with a price target of A$7.50, up from A$6.75, following “a solid in-line result supported by Santos’ low-cost operating model.” The firm, which notes that Santos’ production is to increase by more than 25% by 2027 relative to 2024 base levels, assumes Papua LNG achieves final investment decision by around mid-2026.
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