Repsol downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded Repsol to Sector Perform from Outperform with a price target of EUR 16, down from EUR 18. While the firm says it has been constructive on Repsol on the basis of its intentions to grow shareholder distributions over time and value created through recent sell-downs, the macro outlook for Repsol’s key earnings drivers has deteriorated, leaving medium-term growth “more challenging,” the analyst tells investors.