got my hands on the GS research
Looks like the sell has been placed on Roc due to its outperformance. Amazingly they have a price target of 46, and even though they mention the 3 success at Beibu and it is very leveraged to the oil price, they do not seem to have bothered to adjust reserve or prod/revenue assumptions for this year
even more amazing it is the only sell they have in the energy space. what is the bet the sell doesnt stay in place post FEb results. it is very poor form not to include changes that are so imminent in ones valuation. The market has recognised the stepped change in Roc this year, but seems like its too hard for GS to update their figures into someone slaps them in the face with them
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