Jefferies upgrades Repsol and TotalEnergies, cuts Galp in European oil review
Jefferies expects buybacks to drive higher valuations in the European oil industry as it rolls forward its sector estimates to FY27
It upgrades TotalEnergies TTEF.PA and Repsol REP.MC to "buy", while cutting Galp Energia GALP.LS to "underperform" on valuation concerns
The broker praises Repsol and Total's strategic consistency and resilience, seeing value growth beyond buyback effects
In contrast, Galp's growth expectations look unrealistic given its strategy which has been overly focused on the Mopane field in recent years, Jefferies says
RATING AND PT CHANGES:
COMPANY | RATING | OLD RATING | PT | OLD PT |
Shell | Buy | - | GBP 34 | GBP 32 |
TotalEnergies | Buy | Hold | EUR 66 | EUR 58 |
BP | Hold | - | GBP 4.4 | GBP 4.2 |
Eni | Buy | - | EUR 19.5 | EUR 18.0 |
Equinor | Hold (reinstated) | n/a | NOK 220 | NOK 200 |
Repsol | Buy | Hold | EUR 19 | EUR 13 |
OMV | Buy | - | EUR 52 | EUR 50 |
Galp | Underperform | Hold | EUR 12.2 | EUR 15 |
Neste | Buy | - | EUR 22 | EUR 23 |
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