BUZZ-Karoon's Who Dat project downgrade difficult for investors to swallow - Citi

Reuters04-22

** Analysts at Citi say a production downgrade at Karoon Energy's Who Dat project after its recent over-raised equity for the acquisition is difficult for investors to digest

** Brokerage however maintains A$2.75 price target and "buy" rating on stock

** Says KAR has a few catalysts for growth but is demonstrating itself as "accident prone"

** KAR emerged as top loser on the Aussie benchmark on Friday after the oil and gas explorer downgraded production estimates for the group

** Cuts earnings estimates by 5% for CY24

** Stock has risen 3.5% this year, as of last close

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Josie Kao)

((Rishav.Chatterjee@thomsonreuters.com;))

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