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Repsol: Berenberg still a buyer after trading update

(CercleFinance.com) - Berenberg has reinstated its "buy" rating on the Repsol share, along with its target price of 17 euros, after the Spanish oil and gas group's Q3 trading update on Tuesday evening.


"The main trading indicators were largely in line with our estimates but point to a downside to consensus EPS estimates of c7%," acknowledges the broker.

Berenberg, however, sees Repsol as "one of the biggest winners of IMO 2020-related regulatory changes" and has raised its 2019 EPS estimate by 12% due to a more favourable outlook for refining in the last quarter.


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