Repsol: Credit Suisse upgrades to 'outperformance'

(CercleFinance.com) - According to Credit Suisse, a "new chapter" is opening for the Spanish oil and gas group Repsol.

Previously sellers ("underperformance") of the stock, analysts has directly upgraded this rating to buy ("outperformance"), raising their associated target price from 17 euros to 20 euros.

Analysts are drawing the consequences from the Investor Day recently organised by the group, saying that "Repsol has done an excellent job transforming its
business over the past three years, demonstrating once more that it can be
effective during a crisis," the broker's research note hails. In particular, Repsol has rebalanced its portfolio between OECD member countries and those that are not. Henceforth, no individual State concentrates over 5% of employed equity.

Credit Suisse has also raised its financial forecasts, saying that it had underestimated some of the growth options taken by the group. Analysts also welcome the strength of Repsol's balance sheet.



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