YPF price target raised to $20 from $16 at Citi

Citi analyst Andres Cardona raised the firm’s price target on YPF to $20 from $16 and keeps a Neutral rating on the shares. The analyst says the markets welcomed Javier Milei’s victory in Argentina on hopes that the structural macro unbalances will be fixed. However, the firm’s base case modelling for YPF reflects a traditional approach to devaluation scenarios, wherein a progressive pricing normalization takes place with long-term oil capped at $65 per barrel.