2019 results were in line with Morgan Stanley's estimates. Weak aviation fuel was a surprise, down -4.7% compared with industry volumes which were down more like -1%, and the broker has little doubt volumes will be weaker over the next 12 months.

A similar trend around commercial diesel is playing out. Refining remains volatile but the outlook is expected to improve. Target is $34. Industry view is In-Line. Equal-weight.

Sector: Energy.

Target price is $34.00.Current Price is $34.06. Difference: ($0.06) - (brackets indicate current price is over target). If CTX meets the Morgan Stanley target it will return approximately 0% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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