Repsol downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Repsol to Equal Weight from Overweight with a price target of EUR 15.20, down from EUR 18.75. The analyst expects European refining margins to decline and remain under pressure in 2023 and 2024, post very high levels through Q1 of 2023. The firm also sees a recovery in petrochemical margins from near trough levels being slower and longer than expected.