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Reuters
Australia’s Beach Energy drags as Morgan Stanley cuts PT
** Shares of Australia’s Beach Energy BPT.AX fall 2.2% to A$1.575
** Analysts at Morgan Stanley lower price target on stock to A$1.68 from A$1.71
** Brokerage says FY24 remains another year of high expenditure for the energy explorer, limiting its options for returns and growth
** We see risks to BPT’s FY24 narrowed production guidance in the current quarter – MS
** Brokerage however flags it would welcome cost out targets if Beach decides to announce them as part of its strategic review in June
** Maintains “Equal-Weight” rating on stock
** Stock has risen 0.6% this year as of last close
Reporting by Rishav Chatterjee in Bengaluru
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