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Repsol: RBC upgrades stock

( - On Tuesday RBC upgraded its rating on Repsol shares from neutral to outperform, having increased its target price for the share from 17 euros to 19 euros.

In a report, the Canadian broker believes that the Spanish energy group could be one of the major beneficiaries of the current tensions in the distillate products market.

The broker points out that Repsol is the integrated group that is the most exposed to the refining sector, where its margins are particularly high, a situation that could support its results, while the Brussels embargo on Russian oil soon set to come into force.

RBC says that the group's refining margins in 2023 could be "significantly higher" than those of FY 2022, which were already at high levels.

The broker adds that the management team's stated commitment to reducing the number of shares outstanding and increase its dividend could also help reassure the market.

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