BUZZ-Citi sees risks in Australia's Beach Energy on Waitsia plant delay

Citi sees execution risks in Australia's Beach Energy BPT.AX as the first gas sale from its Waitsia plant is delayed

Brokerage retains "sell" recommendation and price target of A$1.3, a 12.2% discount to stock's last close of A$1.48

Oil and gas producer targets first gas sale from Waitsia plant in Western Australia in Q4 FY25, delayed from Q2 CY25

Co's shares rose on upbeat Q2 FY25 production on Wednesday

Citi flags asymmetric risks in owning shares before Waitsia has been fully commissioned

Brokerage, however, expects higher earnings on stronger pricing for Waitsia LNG

7 of 15 analysts rate the stock "buy" or higher, 3 "hold" and 5 "sell" or lower; their median PT is A$1.46 – LSEG data

Beach up 6.1% so far this year as of last close, outperforming a 4.9% rise on the ASX Energy index .AXEJ

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))