Repsol: Credit Suisse cuts target price

(CercleFinance.com) - Credit Suisse maintains its "underperform" rating on Repsol shares and has reduced its target price for them from 11.
5 euros to 10.7 euros.

The broker reports that Repsol's quarterly publication included production that is "much lower than expected".

Indeed, in the past quarter, Repsol's production fell by 12% to 562,000 barrels per day, a level that is well below the consensus and the group's own forecasts (around 625,000 barrels).

As a result, Credit Suisse has trimmed its forecast for Repsol's Q2 net profit to 478 million (from 517 million euros in Q1, which is virtually flat sequentially.


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