UBS last night upgraded YPF to Buy from Neutral with a price target of $27, up from $18. The analyst sees indications that oil and gas operators may be able to “operate freely,” possibly supporting YPF’s pricing policy in oil and, mainly, fuel. In addition, the company has reduced capex and overall expenses, the analyst tells investors in a research note. The firm sees a potential re-rating amid an eventual macro improvement in the country.
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