Repsol upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Repsol to Overweight from Equal Weight with a price target of EUR 17.50, up from EUR 15.60. The firm names Repsol its new top pick in European energy. The company is a beneficiary of strong refining conditions, the analyst tells investors in a research note. The firm says middle distillate crack spreads are high and gasoline cracks are rising. It expects the Atlantic basin refining market to remain tight this summer, of which Repsol is a key beneficiary.