ubs, page-2

Auto,

They sort of did... UBS downgrades...until the stock delivers on asset sales and production..

Also, FYI here is BA Merrill Lynch:

Tap's result missed the broker because of a large exploration impairment. Exploration failure is weighing on Tap and Manora cost overruns highlight operational risk, the broker notes. Tap is trading at an attractive valuation discount but the broker cannot see any near term catalysts, and suggests the share price will remain range-bound.

Neutral retained, target falls to 52c from 80c.

And Macquarie:

First half results were affected by $21m in write-offs relating to the dry hole at Starfish-1 and full costs associated with Taunton 5-5H wells. With cash balances and outstanding third-party gas contracts underpinning the share price, both the Manora oil development and the growing portfolio of Carnarvon gas discoveries are being discounted.

For Macquarie, Tap appears light on catalysts to drive any near-term re-rating. The Outperform rating and $1.10 price target are maintained.

....So neither BA or Macquarie see the SP moving anywhere in the near term... Probably fair enough comment.... Hence the discount...