Source FN Arena today, the only way is up imo Morgans|...

Source FN Arena today, the only way is up imo

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Morgans	23/10/2015	1	Add	$8.10	28.2%
1	Santos has received a conditional bid from Scepter Partners at $6.88 a share but has rejected the offer. Morgans considers this approach reveals an important positive factor in that it may create competitive pressure among interested parties in the strategic review process. The broker updates its estimates to account for recent changes to commodity and exchange rate assumptions. This results in a reduction in earnings forecasts of 3.0% for 2015 and 10% for 2016. Morgans retains an Add rating and recommends accumulating on weakness for long-term value investors able to tolerate volatility. Target is lowered to $8.10 from $8.30. Target price is $8.10 Current Price is $6.32 Difference: $1.78 If STO meets the Morgans target it will return approximately 28% (excluding dividends, fees and charges).
2	Citi	23/10/2015	1	Buy	$9.66	52.8%
3	Scepter Partners, an advisory and asset management for ruling families and ultra-high net worth individuals including rulers of Brunei, has put an indicative proposal to the board comprising of $6.88/share in cash and the board has rejected it. Citi analysts don't think Scepter is going to chase the opportunity further. They do point out the approach highlights there's value in Santos' assets. Target price is $9.66 Current Price is $6.32 Difference: $3.34 If STO meets the Citi target it will return approximately 53% (excluding dividends, fees and charges).
4	Deutsche Bank	23/10/2015	1	Buy	$9.15	44.8%
5	The company has rejected a bid from Scepter Partners at $6.88 a share on the basis it is opportunistic and does not reflect the underlying value of the company. Santos has also reaffirmed its strategic review is ongoing. Deutsche Bank considers the indicative proposal a low-ball bid, materially below valuation, but finds it hard to assess the appetite of the bidder to return with a better offer. A Buy rating is retained. Target is $9.15. Target price is $9.15 Current Price is $6.32 Difference: $2.83 If STO meets the Deutsche Bank target it will return approximately 45% (excluding dividends, fees and charges).