OMV AG just upgraded at JPMorgan, here’s why

JPMorgan upgraded OMV AG to Neutral from Underweight with a price target of EUR 45, down from EUR 47. In the European oil space, the firm prefers majors over midcaps heading into 2024. The analyst sees $70 per barrel Brent as the lower end of the price range during periods of heightened volatility owing to rising cash break-evens and marginal cost of shale production.