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Repsol: Jefferies raises to 'buy' from 'hold'

( - Jefferies has upgraded the Repsol share from "hold" to "buy" and raises its target price from 7.
45 euros to 10.10 euros as part of a research note on European oil majors.

The broker says it expects the Spanish energy group to be the only company to be cash generative this year, partially due to its "prefunded" scrip dividend.

"We believe the 13% dividend yield is safe in the near term," Jefferies added in the report.

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