Judging from Morgan Stanley's commentary, Ampol's market update disappointed through a lower-than-anticipated Lytton Refiner Margin. The broker's indication is a miss in the order of -8%.

Not helping matters is an unplanned refinery-wide steam outage which also meant refinery production missed forecasts as well.

The Equal-weight rating and $40 target are maintained. Industry view: Attractive. But forecasts are poised for a serious downgrade, that much is indicated.

Sector: Energy.

Target price is $40.00.Current Price is $36.81. Difference: $3.19 - (brackets indicate current price is over target). If ALD meets the Morgan Stanley target it will return approximately 8% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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