Morgan Stanley downgraded Repsol (REPYY) to Underweight from Equal Weight with a price target of EUR 11.70, down from EUR 13.50. The firm says the continued weakness in refining margins, together with its expectations of lower oil prices and slightly higher Henry Hub gas prices, lower the cash flow generation potential of Repsol in 2025 and 2026. As a result, Morgan Stanley sees limited scope for the company to maintain shareholder distributions at current levels.
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