Jefferies downgraded Galp Energia (GLPEY) to Hold from Buy with a price target of EUR 15, down from EUR 21, citing “material reductions” to the firm’s sum-of-the-parts and discounted cash flow valuations post-Namibia asset swap with TotalEnergies (TTE). Near-term refining margin offers Q4 earnings support, but the firm argues that Galp’s “strategic, valuation & growth investment case has been materially set back” by the Mopane asset-swap read-across.
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Read More on GLPEY:
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