HSBC upgraded Pampa Energia (PAM) to Buy from Hold with a price target of $97, up from $88. The firm likes the company’s assets and investment discipline. HSBC is also more optimistic on the stock’s valuation due to its higher crude oil forecasts given Pampa’s investments in the Rincon de Aranda crude field. The firm sees upside catalysts for Pampa from possible improvements in Argentina’s macroeconomic outlook.
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