Citi analysts returned from Woodside’s Investor Briefing Day with an unchanged view. Investors already are pricing in a positive view, say the analysts. On their calculations today’s share price represents oil at US$70/bbl.
While further upside is definitely possible, through further de-risking of projects, the analysts warn of possible hiccups in between. Neutral rating retained. Target rises to $32.55 from $32.20.
Target price is $32.55.Current Price is $33.13. Difference: ($0.58) – (brackets indicate current price is over target). If WPL meets the Citi target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).