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Morgan Stanley has upgraded Galp Energia from Underweight to Equal-weight, adjusting the price target to €15.20 from €15.40. The stock, currently at $8.12, is near its 52-week low, reflecting concerns over its Namibian project and a modest financial outlook, with a projected average free cash flow yield of 6.8% from 2025 to 2027. Despite these challenges, the company has maintained dividend payments for 18 consecutive years, indicating long-term financial stability.
At COP29, Namibia is actively seeking oil and gas investments, promoting its potential to double GDP by 2040 through exploration in four basins and partnerships with companies like BW Energy. However, experts caution that reliance on fossil fuels may lead to economic pitfalls similar to those faced by Nigeria and Angola, risking environmental degradation and stranded assets as the world shifts towards clean energy.
Galp Energia, SGPS, S.A.
Companies
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Morgan Stanley upgrades Galp Energia to equal-weight with revised price target
07:04 17.03.2025
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17:33 22.11.2024
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