The broker highlights a disconnect between the Woodside share price (down -1% since October) and the oil price (Brent up 2%), as well as the share price of smaller peer Santos ((STO)). It's felt Woodside's fundamentals have improved in this period.
The current multiple discount to Santos doesn't tally with Woodside's materially higher earnings power, stronger balance sheet and higher quality asset portfolio, according to Morgans.
The Add rating is maintained and the target eases to
Sector: Energy.
Target price is
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