Beach Energy posted quarterly revenues largely in line with the broker and production slightly below, despite considerably higher Western Flank production.

The broker believes the risks are to the downside for the stock in 2020 after a strong run in 2020. Free cash will be lower given higher tax and capex commitments. Equal-weight and $2.00 target retained. Industry view: In Line.

Sector: Energy.

Target price is $2.00.Current Price is $2.55. Difference: ($0.55) - (brackets indicate current price is over target). If BPT meets the Morgan Stanley target it will return approximately -27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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