The news: Macquarie analysts have lifted their rating on...

The news: Macquarie analysts have lifted their rating on Woodside to ‘outperform’ after the energy major on Tuesday said it drilled the first oil from Senegal’s Sangomar offshore oil project.The numbers: Macquarie analysts left their price target unchanged at $32 a share, implying an 18% upside from Woodside’s Tuesday closing price of $27.09.Shares in the company, which are down nearly 14% so far this year, rose 1% to $27.38 in early trading.The context: The analysts said the market was excessively pricing commodity, project and climate risks, with Woodside shares now implying an oil price of about US$56 ($84.75) a barrel and trading at a material discount to US peers. The brokerage argued that Woodside has materially de-risked its balance sheet, with Scarborough sell downs to lower gearing to 10% by year-end even as Sangomar — the first of three growth projects — had now delivered and on-stream.Jarden analysts also noted that Sangomar was set to be a material contributor to group production and revenues from 2025, despite high depreciation rates. They retained their ‘neutral’ rating on Woodside, with the price target remaining at $29.25.What they said: "We see upside potential from the ramp-up of the Sangomar project, ability to book additional reserves," Macquarie analysts said in a note."In 12 to 24 months Woodside can determine whether a phase two project is viable."The sources: Macquarie research, Jarden research