OMV: shares outperform on broker upgrade
(CercleFinance.com) - OMV is up 1.
7% on Friday after Morgan Stanley upgraded the stock from "equal weight" to "overweight," saying that the shares of the Austrian oil and gas group are "oversold" following their recent underperformance.
OMV has underperformed its sector by about 15% since late November 2019, primarily on concerns about low chemical margins and gas prices, the broker said in a note.
"Whilst justified, these do not alter the company's ability to double its current dividend on a sustainable basis, hence creating a buying opportunity," it added.
Morgan Stanley raised its price target on the OMV stock from 48 euros to 57.5 euros.
OMV shares were up 1.7% at 47.4 euros on Friday morning on the Vienna Stock Exchange.
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