broker "sell" target 13c

http://www.afr.com/p/markets/market_wrap/nexus_energy_nxs


Commonwealth Bank of Australia has retained its “sell” recommendation on Nexus Energyand downgraded its price target to 13¢.

The oil and gas company’s first-half result on Thursday showed an underlying loss after tax of $15.3 million, well below CBA’s forecast for a net profit of $1 million. Differences related to higher-than-expected production costs, depreciation and amortisation charges and finance costs.

The broker says that development of the company’s Crux project in the Browse Basin, offshore Western Australia, was a positive but delaying development by a decade reduces upside potential.

CBA also notes that its concerns about a downgrade of Longtom reserves have been confirmed.

End.

and yeah I know the analyst, hard to argue with his research.

There's a couple of others I'll post when I get the chance... much the same unfortunately.