The Beach Energy Ltd (ASX: BPT) share price has been amongst the biggest movers on the local share market today.
In afternoon trade the energy company's shares are up 3% to 59.2 cents. Today's solid gain has now reduced Beach Energy's year-to-date decline to approximately 30% .
But this decline could soon reduce even further. Thankfully for shareholders one leading broker appears to believe that the company has turned a corner and could see its share price recover significantly.
A research note out of Citi this morning reveals that analysts at the investment bank have upgraded its shares to a buy rating with a price target of 80 cents.
Based on the current share price, this price target implies potential upside of approximately 35%.
Although it is worth noting that that Citi's buy rating does come with a high risk warning as well.
