Repsol downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded Repsol (REPYY) to Underweight from Neutral with a price target of EUR 12.50, down from EUR 13.50. The shares are “headline inexpensive” but Repsol’s “lagged” strategic execution keeps its outlook too reliant on an uncertain refining recovery, the analyst tells investors in a research note.