OMV: shares rise on broker upgrade
(CercleFinance.com) - OMV shares are up 2.
5% at 48.5 euros after UBS upgraded the Austrian oil company from "neutral" to "buy," citing its 20% underperformance compared to the sector so far this year.
The broker says that the group should benefit from its robust portfolio, more supportive macro conditions, with new upstream projects, and steady downstream generating above average FCF yield.
UBS has also raised its target price for the share, now looking for 60 euros, from 56 euros previously.
UBS' comments come after OMV's first-half results, which were published yesterday, failed to cheer investors, with the stock falling 1.4% on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
5% at 48.5 euros after UBS upgraded the Austrian oil company from "neutral" to "buy," citing its 20% underperformance compared to the sector so far this year.
The broker says that the group should benefit from its robust portfolio, more supportive macro conditions, with new upstream projects, and steady downstream generating above average FCF yield.
UBS has also raised its target price for the share, now looking for 60 euros, from 56 euros previously.
UBS' comments come after OMV's first-half results, which were published yesterday, failed to cheer investors, with the stock falling 1.4% on Thursday.
Copyright (c) 2018 CercleFinance.com. All rights reserved.