YPF upgraded to Buy at Citi after recent pullback in shares

As previously reported, Citi upgraded YPF to Buy from Neutral with an unchanged price target of $20. The market has been in a “take-profit mood” since early December, while keeping an eye on the execution of President Milei’s adjustment process, while the oil/fuels sector has seen positive surprises in the first days of Milei’s governance with much better-than-expected realization prices, though these may still need to be de-risked over the medium-term, the analyst tells investors. The firm updated its Argentina energy coverage as it rolls over target prices in the group to year-end 2024, the analyst noted.