OMV: shares jump after Credit Suisse double upgrade
(CercleFinance.com) - Shares in OMV rose nearly 6% on Friday, helped by Credit Suisse's double-notch upgrade for the Austrian oil and gas company.
Credit Suisse gave several reasons for moving the stock to "outperform" from "underperform", but mainly noted that the stock has been a laggard year-to-date compared to peers Eni or Repsol.
This underperformance is likely due to the ill-timed acquisition of chemical firm Borealis, just before the Covid-19 began to become a global pandemic, it said, raising its target price for the stock to 40 euros from 33 euros.
OMV shares are up 5.6% in early afternoon trading.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Credit Suisse gave several reasons for moving the stock to "outperform" from "underperform", but mainly noted that the stock has been a laggard year-to-date compared to peers Eni or Repsol.
This underperformance is likely due to the ill-timed acquisition of chemical firm Borealis, just before the Covid-19 began to become a global pandemic, it said, raising its target price for the stock to 40 euros from 33 euros.
OMV shares are up 5.6% in early afternoon trading.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.