As previously reported, Bernstein analyst Irene Himona downgraded Repsol (REPYY) to Market Perform from Outperform. The firm notes that lowered assumed refining margins, the Libyan two-month output disruption, and slower asset rotation/disposals, led the CEO to lower guidance for 2024 CFFO to EUR 6B, while raising net capex guidance for 2024-2025 to EUR 5.5B. It is hard to see the stock outperforming peers, unless refining margins were to strengthen materially, Bernstein adds.
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Read More on REPYY:
- Repsol downgraded to Market Perform from Outperform at Bernstein
- Repsol price target lowered to EUR 12 from EUR 13.50 at Berenberg
- Repsol price target lowered to EUR 13.50 from EUR 14.20 at Morgan Stanley
- Repsol price target lowered to EUR 13 from EUR 14 at RBC Capital
- Repsol downgraded to Equal Weight from Overweight at Barclays