The Singapore research team at RHB Group Research has downgraded Riverstone to ‘neutral’ from ‘buy’ with a lower discounted cash flow (DCF)-derived target price of $1.30 from $1.85. 

The lower target price came about due to lower earnings estimates and higher long-term ESG-related costs from the team’s DCF methodology. 

Further to that, the team sees several earnings downsides on the counter. 

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