Galp Energia downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded Galp Energia to Underweight from Equal Weight with a price target of EUR 18.40, down from EUR 19. The stock now screens less attractively than peers following the 40% rally year-to-date, the analyst tells investors in a research note. The firm says the Mopane farm down is unlikely to unlock further value, and the impact from resource additions are unlikely to be a catalyst.