Uncertainty prevails regarding the company’s upcoming FY21 guidance, Credit Suisse asserts, and this has weighed on the share price.
A lower five-year production outlook is a probability but once the uncertainty has disappeared, the broker finds the focus on value is likely to resume.
The broker envisages upside, even under more conservative production assumptions. Outperform rating maintained. Target rises to $1.79 from $1.73.
Sector: Energy.
Target price is $1.79.Current Price is $1.45. Difference: $0.34 – (brackets indicate current price is over target). If BPT meets the Credit Suisse target it will return approximately 19% (excluding dividends, fees and charges – negative figures indicate an expected loss).
