BUZZ-Australia's Beach Energy drags as Morgan Stanley cuts PT

Reuters05-01

** Shares of Australia's Beach Energy fall 2.2% to A$1.575

** Analysts at Morgan Stanley lower price target on stock to A$1.68 from A$1.71

** Brokerage says FY24 remains another year of high expenditure for the energy explorer, limiting its options for returns and growth

** We see risks to BPT's FY24 narrowed production guidance in the current quarter - MS

** Brokerage however flags it would welcome cost out targets if Beach decides to announce them as part of its strategic review in June

** Maintains "Equal-Weight" rating on stock

** Stock has risen 0.6% this year as of last close

(Reporting by Rishav Chatterjee in Bengaluru)

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

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