Repsol: UBS downgrades stock, slashes TP

(CercleFinance.com) - UBS downgrades Repsol shares from 'buy' to 'neutral', with a target price reduced from E17 to E11.
5, with the latter slightly below the Spanish energy group's last closing share price.

Lower refining margins and oil and gas prices in the USA are leading to significant EPS cuts, the broker explains, which sees a risk of lowering expectations for Repsol in this "more difficult" environment.


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