Galp Energia: shares climb on UBS upgrade

(CercleFinance.com) - Shares in Portuguese oil company Galp Energia are up 0.
2% at 14.2 euros, outpacing Lisbon's blue chip PSI 20 index, after an UBS upgrade from "neutral" to "buy," citing valuation factors.

The broker says that the Galp share price fails to reflect the progress the company has made this year.

"2018 strategic progress and Brazil activity de-risks investment case while shares offer attractive risk/reward," UBS says in a note.

UBS has set a target price of 18.5 euro for the share.

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