Citi raises PT on Australia's Santos

** Citi raises PT on Australian oil and gas producer Santos STO to A$8 from A$7.75

** STO beats market expectations for Q1 2024 revenue, driven by higher realised prices for liquefied natural gas (LNG)

** Brokerage expects STO to post CY24 underlying net profit after tax of $1.49 bln, compared with previous est. of $1.42 bln

** Reiterates "neutral" rating on stock, reflecting risks to production at Papua New Guinea LNG project

** Twelve of 15 analysts rate stock "buy" or higher, 3 "hold"; median PT is A$8.3 – LSEG data

** Stock up 1.2% this year, as of last close