Morgan Stanley is constructive on refining margins for both Viva Energy and Ampol, though prefers Ampol based on petrol station positioning. The analysts are yet to see any obvious winning strategies from eithere in electric vehicle charging.

The broker suggests Viva Energy could close the petrol station positioning gap via the On The Run rollout (acquisition completed March 28) and the Liberty Retail consolidation after 2024.

The broker's target for Viva Energy is $3.65. Equal-weight. Industry View: Attractive.

Sector: Energy.

Target price is $3.65.Current Price is $3.70. Difference: ($0.05) - (brackets indicate current price is over target). If VEA meets the Morgan Stanley target it will return approximately -1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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