Bernstein lowered the firm’s price target on Repsol to EUR 15.80 from EUR 16.60 and keeps an Outperform rating on the shares. The firm notes that oil markets face headwinds in 2025, from high OPEC+ spare capacity and the group’s intention to gain market share by returning 2.2mbd, whilst oil demand has slowed due to China. Bernstein is downgrading the European integrated sector’s aggregate dollar earnings by 12% in 2024, for a 5% lowered Brent to $82.50, by 12.5% in 2025 for a c. 8% lowered Brent to $76/bbl, and by 4% and 1.9% in 2026-2027 respectively, due to lowered downstream assumptions.
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- Repsol downgraded to Neutral from Buy at UBS
- Repsol price target lowered to EUR 13.50 from EUR 15.50 at Berenberg
- Repsol price target lowered to EUR 17 from EUR 18 at JPMorgan
- Repsol downgraded to Equal Weight from Overweight at Morgan Stanley
- Repsol price target lowered to EUR 15.50 from EUR 16 at Berenberg