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Repsol: shares rise on UBS upgrade

(CercleFinance.com) - Shares in Spanish energy group Repsol are up on Tuesday after UBS upgraded the stock from "neutral" to "buy", citing an "undemanding" valuation.

In a note to clients, the investment bank - which maintains its target price of 15.25 euros for the stock - said that it has decided to upgrade the share ahead of the International Maritime Organisation (IMO)'s new regulation in 2020.

UBS also cited an "undemanding valuation" and share buybacks funded by "attractive" free cash flow. Repsol shares are currently up 1% at13.9 euros, outperforming the STOXX Europe 600 Optimised Oil & Gas index, which is up about 0.6% just before midday.

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