UBS analyst Tasso Vasconcellos last night downgraded YPF (YPF) to Neutral from Buy with a price target of $38, up from $30. Post the 275% rally since Milei was elected president in Argentina and 145% return year-to-date, the shares offer more limited upside, the analyst tells investors in a research note. The firm believes the market is already pricing in the company’s improved performance expected for the upcoming years.
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