Galp Energia upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital analyst Biraj Borkhataria upgraded Galp Energia to Outperform from Sector Perform with a price target of EUR 25, up from EUR 17. The “material success in Namibia is transformational for a company of Galp’s size,” as well as its investment case, the analyst tells investors in a research note. The firm believes the scarcity of high-quality oil discoveries in recent years across the industry could make Galp a good fit for a larger major over time.