Pampa Energia upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded Pampa Energia to Neutral from Underweight with a price target of $43, up from $33. The outcome of the presidential election calls for lower equity risk premiums in Argentina, the analyst tells investors in a research note. The path forward is not an easy one – with high inflation and controlled prices, and the outlook for oil companies in Argentina remains very challenging, says the firm. However, it believes the likelihood of a more market- friendly outcome has increased.