Reuters: Hot Stocks: STOCKS NEWS THAILAND-Citi cuts target price on PTT

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STOCKS NEWS THAILAND-Citi cuts target price on PTT Jul 5th 2012, 02:28 Wed Jul 4, 2012 10:28pm EDT Citigroup cut its target price on Thailand's biggest energy firm PTT Pcl to 382 baht from 442 baht, reflecting an earnings downgrade, lower global oil price forecasts and inventory risks. PTT shares had closed up 0.9 percent at 336 baht on Wednesday. Citigroup maintained its 'buy' rating on the stock. "We trim our estimates and target price as we fine-tune our model to reflect lower global oil price forecasts and inventory risks," Citigroup said in a report dated July 4. "Despite the cuts and sparse short-term positive catalysts, we believe the longer-term outlook remains decent, supported by exploration and production and natural gas consumption, with valuations below mid-cycle levels," it said. 0911 (0211 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.475 baht)

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