JPMorgan upgraded Repsol to Neutral from Underweight with a price target of EUR 16.50, up from EUR 13. The analyst also added the shares to the firm’s Analyst Focus List. The firm sees an “inflecting” earnings cycle for energy names and priorities premium oil beta over gas, owing to the former’s structurally positive characteristics and lower OPEC-mitigated volatility. It therefore recommends majors over midcaps.
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