Woodside Energy downgraded to Sell from Neutral at Citi (yesterday)

Citi yesterday downgraded Woodside Energy to Sell from Neutral with a A$33 price target. After the recent share price rally, Woodside “is priced for perfection,” the analyst tells investors in a research note. The firm has concerns about Scarborough project delivery. Woodside “remains a very high-quality business, which is well-run but too expensive for us,” Citi wrote.