YPF upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs analyst Bruno Amorim upgraded YPF to Neutral from Sell with a price target of $17.10, up from $8.50, implying a 14% total shareholder return. The change in government in Argentina could lead to a re-rating of the shares in a scenario in which the new administration is less involved, the analyst tells investors in a research note. Also, with the new president’s platform, investors are likely increasingly looking to price in a company that potentially operates with an increased focus on cash generation rather than cash burn to fund capex, says Goldman.