Citi upgrades Pampa Energia to Buy, notes benefits from power generation changes

Citi upgraded Pampa Energia (PAM) to Buy from Neutral with a price target of $113, up from $92. The firm still thinks Pampa benefits in a significant way from the changes not only on its power generation business but eventually via higher monetization of its gas upstream business and integration between both businesses. The firm updated its model to partially incorporate those gains, which explains the new price target