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Fly News Breaks for October 19, 2018
REPYY
Oct 19, 2018 | 06:31 EDT
RBC Capital analyst Biraj Borkhataria downgraded Repsol to Underperform from Sector Perform and lowered his price target to EUR18.50 from EUR19.00. The analyst notes that the stock has performed better on expectations of regulatory relief, but its business outside the refining segment is challenging. Borkhataria specifically cites "rising feedstock for its Chemicals business, and less direct leverage to a stronger oil price due to it being the most gas-heavy name in our coverage universe", adding that there are better opportunities elsewhere.
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