Bernstein more bearish on Repsol, downgrades to Market Perform
The Fly

Bernstein more bearish on Repsol, downgrades to Market Perform

As previously reported, Bernstein analyst Irene Himona downgraded Repsol (REPYY) to Market Perform from Outperform. The firm notes that lowered assumed refining margins, the Libyan two-month output disruption, and slower asset rotation/disposals, led the CEO to lower guidance for 2024 CFFO to EUR 6B, while raising net capex guidance for 2024-2025 to EUR 5.5B. It is hard to see the stock outperforming peers, unless refining margins were to strengthen materially, Bernstein adds.

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