Repsol price target lowered to EUR 17.70 from EUR 19.20 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Repsol to EUR 17.70 from EUR 19.20 and keeps an Overweight rating on the shares, although the firm removed Repsol from its Top Picks. In a note on the European Energy sector, the firm said the sector typically performs well when three factors come together – rising oil & gas prices; rising inflation expectations; and rising interest rates. However, at the moment, none of these factors are in place, the analyst noted, adding that Q2 earnings for European Energy stocks are “unlikely to surprise positively.”