JPM lowers PT on Australia’s largest fuel retailer Ampol after ‘mixed’ Q3

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JPM lowers PT on Australia’s largest fuel retailer Ampol after ‘mixed’ Q3

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JPM lowers PT on Australia’s largest fuel retailer Ampol after ‘mixed’ Q3

BUZZ-JPM lowers PT on Australia’s largest fuel retailer Ampol after ‘mixed’ Q3

** Analysts at J.P. Morgan lower price target on Australian fuel retailer Ampol ALD.AX to A$43.6 from A$44

** Brokerage says the petrol station owner’s mixed Q1 update points that margins at Lytton refinery in Queensland have dislocated from regional benchmarks in recent quarters

** JPM attributes Ampol’s lower refinery margins to volatility around shipping costs, certain mix of crudes and lagged procurement of crude

** Lowers refining margin estimates to $12 per barrel; maintain “Overweight” rating on stock

** Stock has risen 3.4% this year as of last close

Reporting by Rishav Chatterjee in Bengaluru

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