Oil Search's September-quarter production figures missed Morgan Stanley's estimates.

Management tightens production guidance and lowers capital expenditure to reflect poorer mobility into PNG thanks to covid.

EPS forecasts are downgraded -9%, -2% and -2% for FY22, FY23 and FY24 to reflect weaker revenue and flow-on impacts to future years.

Equal Weight and $5.50 target price retained. Industry view: Attractive.

Sector: Energy.

Target price is $5.50.Current Price is $4.42. Difference: $1.08 - (brackets indicate current price is over target). If OSH meets the Morgan Stanley target it will return approximately 20% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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