HSBC lowered the firm’s price target on Galp Energia (GLPEY) to EUR 17.30 from EUR 17.80 and keeps a Buy rating on the shares. The sharp fall in oil prices since early April has raised pressure on oil majors’ financial frameworks, which were designed to work at $70 per barrel oil, the analyst tells investors in a research note. The firm cut estimates for the global integrated oils.
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