STO - UBS rates the stock as Sell
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Media speculation suggests Harbour Energy is preparing an all-cash takeover bid. This follows an earlier approach in August which was rejected by the Santos board.
The company has stated it is not currently engaged with Harbour Energy relating to a change of control transaction. UBS suggests it may make it more difficult for the consortium to move ahead with a formal offer, given the press speculation and share price reaction.
Sell rating and $4.05 target retained.
Target price is $4.05.Current Price is $4.95. Difference: ($0.90) - (brackets indicate current price is over target). If STO meets the UBS target it will return approximately -22% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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