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Beach Energy Ltd share price higher on broker upgrade

The Beach Energy Ltd (ASX: BPT) share price has been amongst the biggest movers on the local share market today.

In afternoon trade the energy company’s shares are up 3% to 59.2 cents. Today’s solid gain has now reduced Beach Energy’s year-to-date decline to approximately 30% .

But this decline could soon reduce even further. Thankfully for shareholders one leading broker appears to believe that the company has turned a corner and could see its share price recover significantly.

A research note out of Citi this morning reveals that analysts at the investment bank have upgraded its shares to a buy rating with a price target of 80 cents.

Based on the current share price, this price target implies potential upside of approximately 35%.

Although it is worth noting that that Citi’s buy rating does come with a high risk warning as well.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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