Galp Energia: Morgan Stanley cuts target price
(CercleFinance.com) - Morgan Stanley maintains its "Equal Weight" rating on the Portuguese Galp Energia share, while trimming its target price from 15.
2 euros to 14.6 euros, in a note on the oil and gas sector for which the broker sees "key uncertainties".
"The sector has underperformed steadily since mid-2019 and valuations now appear low on several metrics," judges the broker, however believing that, "the sector faces key uncertainties over the short, medium and long term".
"This is likely to prevent significant dividend growth and therefore justifies higher returns," Morgan Stanley adds, which has cut its target price for the share.
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