** Analysts at Jefferies initiate coverage on Australia's Origin Energy ORG.AX with "buy" rating and PT of A$12.05

** PT reflects 11.8% premium, compared to ORG's last close on Thursday

** Brokerage says the utility company is a diversified business and is expected to be well-positioned to manage the energy transition

** Says ORG also benefits from its stake in U.K.-based Octopus Energy, which provides exposure to significant global growth in energy technology

** Expects Octopus to report positive earnings from FY26 onwards

** Also views Australia-Pacific LNG project as an attractive, long-duration energy asset

** While brokerage expects further upside to fair value for ORG rival AGL Energy AGL.AX, it also sees a clearer pathway for company's energy markets business to replace earnings from coal-fired Eraring power station

** Stock down 1.1% YTD

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))