Galp Energia upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Galp Energia to Equal Weight from Underweight with a price target of EUR 19, up from EUR 13.80. The firm, which says its “call on Galp has been unsuccessful” as Namibia exploration campaign results have consistently exceeded assumptions and this has more than offset Galp’s tight near-term financial framework, expects the market focus to remain on Namibia.