| Tudor, Pickering, Holt & Co. |
Anish Kapadia |
€ 17.000 |
Buy |
17 May 2012 |
Summary of the last study published by this analyst
TPH changed its recommendation for Galp Energia share from Accumulate to Buy, while maintaining its price target at €17.0. This change is due to the upside potential of Galp Energia assets (ex- Brazil) comparing with the implicit current share value. The analyst values those assets at $10.5 Billion, which compares with $2.8 Billion at the current share price. Additionally, the analyst refers the overhang risk, following the new shareholder agreement after Eni’s sale of 5% stake, as well as the uncertainty around Iberian economics.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Tudor, Pickering, Holt & Co. | Anish Kapadia | € 17.000 | Buy | 17 May 2012 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 17.000 | Accumulate | 18 Apr 2012 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 17.000 | Hold | 13 Jan 2012 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 15.000 | Hold | 11 Nov 2011 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 15.000 | Trim | 20 Jul 2011 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 14.000 | Trim | 08 Jul 2011 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 14.000 | Hold | 07 Jun 2011 | | Tudor, Pickering, Holt & Co. | Anish Kapadia | € 15.000 | Hold | 25 Jan 2011 |
|
| UBS |
Jon Rigby |
€ 15.000 |
Buy |
02 May 2012 |
Summary of the last study published by this analyst
UBS reduced Galp Energia’s price target from €15.50 to €15.00 and maintained a Buy recommendation. This change is justified by the higher than estimated net debt level at the end of the first quarter 2012 and also by the downward revision of downstream business valuation.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| UBS | Jon Rigby | € 15.000 | Buy | 02 May 2012 | | UBS | Jon Rigby | € 15.500 | Buy | 08 Mar 2012 | | UBS | Jon Rigby | € 14.500 | Buy | 20 Dec 2011 | | UBS | Jon Rigby | € 16.000 | Buy | 16 Aug 2011 | | UBS | Jon Rigby | € 16.000 | Neutral | 16 Mar 2011 | | UBS | Jon Rigby | € 15.000 | Neutral | 10 Dec 2010 | | UBS | Jon Rigby | € 14.500 | Neutral | 24 Nov 2010 | | UBS | Jon Rigby | € 13.000 | Neutral | 09 Apr 2010 | | UBS | Anish Kapadia | € 13.000 | Neutral | 08 Apr 2010 | | UBS | Anish Kapadia | € 12.000 | Neutral | 30 Nov 2009 | | UBS | Anish Kapadia | € 13.000 | Neutral | 23 Oct 2009 | | UBS | Anish Kapadia | € 13.000 | Buy | 29 May 2009 | | UBS | Anish Kapadia | € 12.000 | Buy | 07 Apr 2009 | | UBS | Anish Kapadia | € 14.000 | Buy | 06 Mar 2009 | | UBS | Anish Kapadia | € 14.500 | Buy | 14 Jan 2009 | | UBS | Anish Kapadia | € 16.000 | Buy | 30 Oct 2008 | | UBS | Anish Kapadia | € 19.000 | Buy | 24 Jul 2008 | | UBS | Anish Kapadia | € 20.500 | Buy | 08 Feb 2008 | | UBS | Anish Kapadia | € 19.500 | Buy | 23 Jan 2008 | | UBS | Anish Kapadia | € 18.000 | Neutral | 21 Dec 2007 | | UBS | Anish Kapadia | € 14.750 | Neutral | 12 Dec 2007 | | UBS | Anish Kapadia | € 14.600 | Neutral | 20 Nov 2007 | | UBS | Anish Kapadia | € 12.700 | Neutral | 09 Nov 2007 | | UBS | Anish Kapadia | € 9.250 | Sell | 24 Oct 2007 | | UBS | Anish Kapadia | € 9.250 | Sell | 03 Sep 2007 | | UBS | Anish Kapadia | € 8.750 | Sell | 03 Jul 2007 | | UBS | Anish Kapadia | € 8.250 | Neutral 2 | 18 May 2007 | | UBS | Anish Kapadia | € 7.750 | Neutral 2 | 23 Apr 2007 |
|
| Credit Suisse |
Thomas Adolff |
€ 14.600 |
Outperform |
30 Apr 2012 |
Summary of the last study published by this analyst
Credit Suisse has reduced Galp Energia’s price target from €15 to €14.6 while maintaining an Outperform recommendation. This change was due to the downward revision of the valuation of the Refining & Marketing business segment, following the announcement of the upgrade project delay.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Credit Suisse | Thomas Adolff | € 14.600 | Outperform | 30 Apr 2012 | | Credit Suisse | Thomas Adolff | € 15.000 | Outperform | 15 Dec 2011 | | Credit Suisse | Thomas Adolff | € 15.700 | Outperform | 14 Nov 2011 | | Credit Suisse | Thomas Adolff | € 18.300 | Outperform | 27 Jul 2011 | | Credit Suisse | Thomas Adolff | € 17.600 | Outperform | 05 Jul 2011 | | Credit Suisse | Thomas Adolff | € 16.400 | Outperform | 25 May 2011 | | Credit Suisse | Thomas Adolff | € 16.400 | Neutral | 18 Mar 2011 | | Credit Suisse | Thomas Adolff | € 13.100 | Underperform | 14 Dec 2010 | | Credit Suisse | Thomas Adolff | € 12.900 | Underperform | 18 Nov 2010 | | Credit Suisse | Kim Fustier | € 14.900 | Outperform | 03 Nov 2010 | | Credit Suisse | Kim Fustier | € 14.200 | Outperform | 05 Oct 2010 | | Credit Suisse | Kim Fustier | € 13.700 | Outperform | 06 Jul 2010 | | Credit Suisse | Kim Fustier | € 13.000 | Outperform | 15 Apr 2010 | | Credit Suisse | Dylan Dryden | € 11.000 | Outperform | 28 May 2009 | | Credit Suisse | Dylan Dryden | € 10.500 | Outperform | 20 Mar 2009 | | Credit Suisse | Will Forbes | € 12.000 | Outperform | 03 Nov 2008 | | Credit Suisse | Will Forbes | € 19.500 | Outperform | 12 Aug 2008 | | Credit Suisse | Will Forbes | € 21.000 | Outperform | 21 May 2008 | | Credit Suisse | Will Forbes | € 17.600 | Outperform | 16 Apr 2008 | | Credit Suisse | Will Forbes | € 18.800 | Outperform | 01 Apr 2008 | | Credit Suisse | Will Forbes | € 20.500 | Outperform | 07 Mar 2008 | | Credit Suisse | Will Forbes | € 22.500 | Outperform | 03 Mar 2008 | | Credit Suisse | Will Forbes | € 22.000 | Outperform | 07 Feb 2008 | | Credit Suisse | Will Forbes | € 21.000 | Outperform | 22 Jan 2008 | | Credit Suisse | Will Forbes | € 19.000 | Outperform | 18 Jan 2008 | | Credit Suisse | Will Forbes | € 18.000 | Outperform | 14 Dec 2007 | | Credit Suisse | Will Forbes | € 17.500 | Outperform | 10 Dec 2007 |
|
| Bank of America Merrill Lynch |
Hootan Yazhari |
€ 21.000 |
Buy |
30 Apr 2012 |
Summary of the last study published by this analyst
Bank of America Merril Lynch has revised Galp Energia’s price target from €22 to €21, while maintaining a Buy recommendation. This revision is due to the update of the estimates, following the 1Q12 earnings release, and the delay of Sines refinery upgrade project.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Bank of America Merrill Lynch | Hootan Yazhari | € 21.000 | Buy | 30 Apr 2012 | | Bank of America Merrill Lynch | Hootan Yazhari | € 22.000 | Buy | 27 Mar 2012 | | Bank of America Merrill Lynch | Hootan Yazhari | € 21.500 | Buy | 03 Feb 2012 | | Bank of America Merrill Lynch | Hootan Yazhari | € 22.700 | Buy | 14 Nov 2011 | | Bank of America Merrill Lynch | Hootan Yazhari | € 23.800 | Buy | 21 Oct 2011 | | Bank of America Merrill Lynch | Hootan Yazhari | € 23.000 | Buy | 01 Jul 2011 | | Bank of America Merrill Lynch | Hootan Yazhari | € 20.000 | Buy | 08 Mar 2011 | | Bank of America Merrill Lynch | Hootan Yazhari | € 19.000 | Buy | 14 Feb 2011 | | Bank of America Merrill Lynch | Hootan Yazhari | € 18.300 | Buy | 03 Nov 2010 | | Bank of America Merrill Lynch | Hootan Yazhari | € 17.000 | Buy | 26 Feb 2010 | | Bank of America Merrill Lynch | Hootan Yazhari | € 16.500 | Buy | 19 Feb 2010 | | Bank of America Merrill Lynch | Hootan Yazhari | € 15.000 | Buy | 13 Nov 2009 | | Bank of America Merrill Lynch | Hootan Yazhari | € 14.000 | Buy | 28 May 2009 | | Bank of America Merrill Lynch | Alastair Syme | € 12.000 | Buy | 26 Nov 2008 | | Bank of America Merrill Lynch | Alastair Syme | € 14.000 | Buy | 23 Oct 2008 | | Bank of America Merrill Lynch | Alastair Syme | € 16.000 | Buy | 02 Oct 2008 | | Bank of America Merrill Lynch | Alastair Syme | € 20.000 | Buy | 23 May 2008 | | Bank of America Merrill Lynch | Alastair Syme | € 19.000 | Buy | 21 May 2008 | | Bank of America Merrill Lynch | Hootan Yazhari | € 17.500 | Buy | 13 Dec 2007 | | Bank of America Merrill Lynch | Hootan Yazhari | € 16.000 | Buy | 09 Nov 2007 | | Bank of America Merrill Lynch | Hootan Yazhari | € 13.600 | Buy | 25 Jul 2007 | | Bank of America Merrill Lynch | Hootan Yazhari | € 11.200 | Buy | 27 Jun 2007 | | Bank of America Merrill Lynch | Hootan Yazhari | € 10.300 | Buy | 08 Jun 2007 | | Bank of America Merrill Lynch | Hootan Yazhari | € 9.500 | Buy | 18 May 2007 | | Bank of America Merrill Lynch | Hootan Yazhari | € 8.800 | Buy | 22 Mar 2007 |
|
| Barclays Capital |
Lydia Rainforth |
€ 18.000 |
Overweight |
26 Apr 2012 |
Summary of the last study published by this analyst
Barclays Capital decreased Galp Energia’s price target from €19.65 to €18.00, and maintained its Overweight recommendation. The analyst supports its price target update with a lower valuation for both Refining & Marketing and Gas & Power business segments. In order to reflect the price target upside potential the analyst maintained the recommendation.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Barclays Capital | Lydia Rainforth | € 18.000 | Overweight | 26 Apr 2012 | | Barclays Capital | Lydia Rainforth | € 19.650 | 1-Overweight | 31 Oct 2011 | | Barclays Capital | Lydia Rainforth | € 19.000 | Overweight | 01 Jul 2011 | | Barclays Capital | Lydia Rainforth | € 18.000 | 1-Overweight | 02 May 2011 | | Barclays Capital | Lydia Rainforth | € 18.500 | 1-Overweight | 10 Dec 2010 | | Barclays Capital | Lydia Rainforth | € 17.000 | 1-Overweight | 06 Dec 2010 | | Barclays Capital | Lydia Rainforth | € 15.000 | 1-Overweight | 03 Nov 2010 | | Barclays Capital | Lydia Rainforth | € 14.000 | 1-Overweight | 31 Mar 2010 | | Barclays Capital | Lydia Rainforth | € 13.500 | 1-Overweight | 15 Dec 2009 | | Barclays Capital | Lydia Rainforth | € 12.500 | 1-Overweight | 12 Nov 2009 | | Barclays Capital | Lydia Rainforth | € 11.500 | 1-Overweight | 16 Apr 2009 |
|
| Goldman Sachs |
Henry Morris |
€ 15.500 |
Buy |
24 Apr 2012 |
Summary of the last study published by this analyst
Goldman Sachs downgraded Galp Energia’s price target from €16.3 to €15.5, and maintained its Buy recommendation. Although the analyst increased the refining margins estimates for 2012, he lowered Galp Energia earnings estimates for short and medium term due to a higher tax rate assumption in Brazil.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Goldman Sachs | Henry Morris | € 15.500 | Buy | 24 Apr 2012 | | Goldman Sachs | Henry Morris | € 16.300 | Buy | 02 Apr 2012 | | Goldman Sachs | Henry Morris | € 16.500 | Neutral | 14 Mar 2012 | | Goldman Sachs | Henry Morris | € 16.350 | Buy | 23 Feb 2012 | | Goldman Sachs | Henry Morris | € 15.600 | Buy | 08 Feb 2012 | | Goldman Sachs | Henry Morris | € 15.500 | Buy | 12 Dec 2011 | | Goldman Sachs | Henry Morris | € 16.500 | Buy | 11 Nov 2011 | | Goldman Sachs | Henry Morris | € 19.400 | Buy | 28 Oct 2011 | | Goldman Sachs | Henry Morris | € 20.100 | Buy | 04 Oct 2011 | | Goldman Sachs | Henry Morris | € 19.300 | Buy | 27 Sep 2011 | | Goldman Sachs | Henry Morris | € 20.000 | Buy | 29 Jul 2011 | | Goldman Sachs | Henry Morris | € 20.400 | Buy | 21 Jul 2011 | | Goldman Sachs | Henry Morris | € 20.700 | Buy | 05 Jul 2011 | | Goldman Sachs | Henry Morris | € 18.800 | Buy | 14 Jun 2011 | | Goldman Sachs | Henry Morris | € 16.100 | Neutral | 18 Apr 2011 | | Goldman Sachs | Henry Morris | € 16.700 | Neutral | 14 Feb 2011 | | Goldman Sachs | Henry Morris | € 16.800 | Neutral | 27 Jan 2011 | | Goldman Sachs | Henry Morris | € 16.600 | Neutral | 07 Dec 2010 | | Goldman Sachs | Henry Morris | € 16.200 | Neutral | 02 Dec 2010 | | Goldman Sachs | Henry Morris | € 15.300 | Neutral | 02 Nov 2010 | | Goldman Sachs | Henry Morris | € 14.900 | Neutral | 29 Oct 2010 | | Goldman Sachs | Henry Morris | € 14.700 | Neutral | 13 Oct 2010 | | Goldman Sachs | Henry Morris | € 15.350 | Neutral | 26 Aug 2010 | | Goldman Sachs | Henry Morris | € 15.500 | Neutral | 22 Jun 2010 | | Goldman Sachs | Henry Morris | € 15.200 | Neutral | 02 Jun 2010 | | Goldman Sachs | Henry Morris | € 15.200 | Buy | 10 May 2010 | | Goldman Sachs | Henry Morris | € 15.000 | Buy | 29 Apr 2010 | | Goldman Sachs | Henry Morris | € 16.400 | Neutral | 19 Apr 2010 | | Goldman Sachs | Henry Morris | € 14.800 | Neutral | 22 Feb 2010 | | Goldman Sachs | Henry Morris | € 12.300 | Sell | 25 Sep 2009 | | Goldman Sachs | Henry Morris | € 10.300 | Sell | 04 Jun 2009 | | Goldman Sachs | Henry Morris | € 10.500 | Neutral | 31 Mar 2009 | | Goldman Sachs | Henry Morris | € 9.200 | Neutral | 12 Dec 2008 | | Goldman Sachs | Henry Morris | € 10.200 | Neutral | 21 Nov 2008 | | Goldman Sachs | Henry Morris | € 11.400 | Neutral | 13 Oct 2008 | | Goldman Sachs | Henry Morris | € 15.800 | Neutral | 17 Sep 2008 | | Goldman Sachs | Henry Morris | € 14.900 | Neutral | 02 Sep 2008 | | Goldman Sachs | Henry Morris | € 14.000 | Neutral | 23 Jul 2008 | | Goldman Sachs | Henry Morris | € 19.200 | Neutral | 18 Jun 2008 | | Goldman Sachs | Henry Morris | € 19.000 | Neutral | 21 May 2008 | | Goldman Sachs | Henry Morris | € 18.400 | Neutral | 16 May 2008 |
|
| Nomura |
Matt Lofting |
€ 13.500 |
Neutral |
13 Apr 2012 |
Summary of the last study published by this analyst
Nomura revised up its recommendation from Reduce to Neutral, and maintained Galp Energia’s price target at €13.50. The analyst updated its Area 4 (Mozambique) assets valuation, however he did not change the price target. The new recommendation is supported by the analyst opinion that the overhang risk is already incorporated into Galp Energia’s price.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Nomura | Matt Lofting | € 13.500 | Neutral | 13 Apr 2012 | | Nomura | Matt Lofting | € 13.500 | Reduce | 28 Nov 2011 | | Nomura | Theepan Jothilingam | € 15.500 | Reduce | 20 Oct 2011 | | Nomura | To be defined (Nomura) | € 15.000 | Buy | 27 Feb 2010 | | Nomura | Michael Alsford | € 15.000 | Buy | 26 Feb 2010 | | Nomura | Michael Alsford | € 13.600 | Neutral | 26 Jan 2010 | | Nomura | Michael Alsford | € 12.000 | Neutral | 06 Aug 2009 | | Nomura | Michael Alsford | € 12.700 | Neutral | 20 May 2009 |
|
| AlphaValue |
Alexandre Andlauder |
€ 15.600 |
Buy |
05 Apr 2012 |
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| AlphaValue | Alexandre Andlauder | € 15.600 | Buy | 05 Apr 2012 | | AlphaValue | Alexandre Andlauder | € 15.900 | Buy | 16 Feb 2012 | | AlphaValue | Alexandre Andlauder | € 16.000 | Buy | 02 Jan 2012 | | AlphaValue | Alexandre Andlauder | € 15.900 | Add | 12 Aug 2011 | | AlphaValue | Alexandre Andlauder | € 16.700 | Reduce | 11 Jul 2011 | | AlphaValue | Alexandre Andlauder | € 15.800 | Reduce | 30 Jun 2011 | | AlphaValue | Alexandre Andlauder | € 16.100 | Reduce | 01 Apr 2011 | | AlphaValue | Alexandre Andlauder | € 16.500 | Add | 24 Mar 2011 | | AlphaValue | Alexandre Andlauder | € 17.100 | Add | 21 Jan 2011 | | AlphaValue | Alexandre Andlauder | € 16.700 | Add | 06 Jan 2011 | | AlphaValue | Alexandre Andlauder | € 16.400 | Add | 23 Dec 2010 | | AlphaValue | Alexandre Andlauder | € 16.300 | Add | 20 Dec 2010 | | AlphaValue | Alexandre Andlauder | € 17.100 | Buy | 16 Dec 2010 | | AlphaValue | Alexandre Andlauder | € 17.000 | Buy | 09 Dec 2010 | | AlphaValue | Alexandre Andlauder | € 16.900 | Buy | 02 Dec 2010 | | AlphaValue | Alexandre Andlauder | € 16.500 | Buy | 25 Nov 2010 | | AlphaValue | Alexandre Andlauder | € 16.600 | Add | 18 Nov 2010 | | AlphaValue | Alexandre Andlauder | € 16.700 | Add | 11 Nov 2010 | | AlphaValue | Alexandre Andlauder | € 16.600 | Add | 04 Nov 2010 | | AlphaValue | Alexandre Andlauder | € 16.200 | Buy | 15 Oct 2010 | | AlphaValue | Alexandre Andlauder | € 16.300 | Buy | 07 Oct 2010 | | AlphaValue | Alexandre Andlauder | € 15.100 | Add | 02 Sep 2010 | | AlphaValue | Alexandre Andlauder | € 15.000 | Add | 26 Aug 2010 | | AlphaValue | Alexandre Andlauder | € 15.100 | Buy | 17 Aug 2010 | | AlphaValue | Alexandre Andlauder | € 15.000 | Buy | 12 Aug 2010 | | AlphaValue | Alexandre Andlauder | € 15.200 | Add | 05 Aug 2010 | | AlphaValue | Alexandre Andlauder | € 15.000 | Add | 15 Jul 2010 | | AlphaValue | Alexandre Andlauder | € 14.900 | Add | 08 Jul 2010 | | AlphaValue | Alexandre Andlauder | € 14.800 | Add | 01 Jul 2010 | | AlphaValue | Alexandre Andlauder | € 14.900 | Add | 24 Jun 2010 | | AlphaValue | Alexandre Andlauder | € 14.800 | Add | 22 Jun 2010 | | AlphaValue | Alexandre Andlauder | € 14.100 | Add | 02 Jun 2010 | | AlphaValue | Alexandre Andlauder | € 14.000 | Buy | 26 May 2010 | | AlphaValue | Alexandre Andlauder | € 14.100 | Add | 19 May 2010 | | AlphaValue | Alexandre Andlauder | € 14.200 | Buy | 07 May 2010 | | AlphaValue | Alexandre Andlauder | € 14.300 | Buy | 05 May 2010 | | AlphaValue | Alexandre Andlauder | € 14.400 | Buy | 03 May 2010 | | AlphaValue | Alexandre Andlauder | € 14.500 | Buy | 29 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.500 | Add | 28 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.600 | Add | 19 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.700 | Add | 16 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.600 | Add | 08 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.700 | Add | 02 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.600 | Add | 01 Apr 2010 | | AlphaValue | Alexandre Andlauder | € 14.500 | Add | 18 Mar 2010 | | AlphaValue | Alexandre Andlauder | € 14.000 | Add | 11 Mar 2010 | | AlphaValue | Alexandre Andlauder | € 13.600 | Add | 04 Mar 2010 | | AlphaValue | Alexandre Andlauder | € 13.400 | Add | 25 Feb 2010 | | AlphaValue | Alexandre Andlauder | € 13.300 | Add | 18 Feb 2010 | | AlphaValue | Alexandre Andlauder | € 13.200 | Add | 11 Feb 2010 | | AlphaValue | Alexandre Andlauder | € 13.300 | Add | 04 Feb 2010 | | AlphaValue | Alexandre Andlauder | € 12.800 | Add | 28 Jan 2010 | | AlphaValue | Alexandre Andlauder | € 12.900 | Reduce | 07 Jan 2010 | | AlphaValue | Alexandre Andlauder | € 13.200 | Add | 17 Dec 2009 | | AlphaValue | Alexandre Andlauder | € 13.100 | Add | 10 Dec 2009 | | AlphaValue | Alexandre Andlauder | € 13.200 | Add | 03 Dec 2009 | | AlphaValue | Alexandre Andlauder | € 13.100 | Add | 12 Nov 2009 | | AlphaValue | Alexandre Andlauder | € 13.000 | Add | 29 Oct 2009 | | AlphaValue | Alexandre Andlauder | € 13.100 | Add | 22 Oct 2009 | | AlphaValue | Alexandre Andlauder | € 12.500 | Add | 15 Oct 2009 | | AlphaValue | Alexandre Andlauder | € 12.400 | Add | 10 Sep 2009 | | AlphaValue | Alexandre Andlauder | € 12.300 | Add | 03 Sep 2009 | | AlphaValue | Alexandre Andlauder | € 12.100 | Buy | 21 Aug 2009 | | AlphaValue | Alexandre Andlauder | € 13.000 | Buy | 13 Aug 2009 | | AlphaValue | Alexandre Andlauder | € 12.800 | Buy | 23 Jul 2009 | | AlphaValue | Alexandre Andlauder | € 12.600 | Buy | 16 Jul 2009 | | AlphaValue | Alexandre Andlauder | € 12.400 | Buy | 09 Jul 2009 | | AlphaValue | Alexandre Andlauder | € 12.700 | Add | 02 Jul 2009 | | AlphaValue | Alexandre Andlauder | € 12.500 | Add | 25 Jun 2009 | | AlphaValue | Alexandre Andlauder | € 12.600 | Add | 18 Jun 2009 | | AlphaValue | Alexandre Andlauder | € 12.800 | Add | 11 Jun 2009 | | AlphaValue | Alexandre Andlauder | € 12.600 | Reduce | 04 Jun 2009 | | AlphaValue | Alexandre Andlauder | € 11.900 | Add | 28 May 2009 | | AlphaValue | Alexandre Andlauder | € 11.950 | Add | 21 May 2009 | | AlphaValue | Alexandre Andlauder | € 11.830 | Add | 14 May 2009 | | AlphaValue | Alexandre Andlauder | € 11.770 | Add | 07 May 2009 | | AlphaValue | Alexandre Andlauder | € 11.640 | Add | 30 Apr 2009 | | AlphaValue | Alexandre Andlauder | € 11.420 | Add | 23 Apr 2009 | | AlphaValue | Alexandre Andlauder | € 11.380 | Add | 16 Apr 2009 | | AlphaValue | Alexandre Andlauder | € 9.590 | Reduce | 09 Apr 2009 | | AlphaValue | Alexandre Andlauder | € 9.630 | Reduce | 30 Mar 2009 |
|
| Macquarie |
Jason Gammel |
€ 12.000 |
Underperform |
30 Mar 2012 |
Summary of the last study published by this analyst
Macquire decreased Galp Energia’s price target from €19.0 to €12.0, and downgraded its recommendation from Outperform to Underperform. Although the valuation stands at €19.0 per share, the analyst supports the price target decrease with the overhang on the stock that arises from a potential short-term negative pressure, following the agreement reached between Amorim Energia, ENI, and Caixa Geral de Depósitos.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Macquarie | Jason Gammel | € 12.000 | Underperform | 30 Mar 2012 | | Macquarie | Jason Gammel | € 19.000 | Outperform | 07 Mar 2012 | | Macquarie | Jason Gammel | € 20.000 | Outperform | 06 Jan 2012 | | Macquarie | Jason Gammel | € 18.000 | Outperform | 14 Nov 2011 | | Macquarie | Jason Gammel | € 20.000 | Outperform | 31 Oct 2011 | | Macquarie | Jason Gammel | € 19.000 | Outperform | 11 Oct 2011 | | Macquarie | Jason Gammel | € 19.500 | Outperform | 01 Jul 2011 | | Macquarie | Jason Gammel | € 17.400 | Outperform | 10 Dec 2010 | | Macquarie | Jason Gammel | € 15.800 | Outperform | 03 Nov 2010 | | Macquarie | Jason Gammel | € 13.500 | Outperform | 08 May 2010 | | Macquarie | Iain Reid | € 13.500 | Outperform | 07 May 2010 | | Macquarie | Iain Reid | € 15.000 | Outperform | 31 Mar 2010 | | Macquarie | Iain Reid | € 13.000 | Outperform | 23 Oct 2008 | | Macquarie | Iain Reid | € 15.000 | Outperform | 08 Oct 2008 |
|
| BBVA |
Luis de Toledo |
€ 17.700 |
Outperform |
28 Mar 2012 |
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| BBVA | Luis de Toledo | € 17.700 | Outperform | 28 Mar 2012 | | BBVA | Luis de Toledo | € 17.400 | Outperform | 20 Dec 2011 | | BBVA | Luis de Toledo | € 17.700 | Market perform | 20 Oct 2011 | | BBVA | Luis de Toledo | € 17.400 | Market perform | 28 Jun 2011 |
|
| N+1 Equities |
Fernando Lafuente |
€ 15.500 |
Neutral |
27 Mar 2012 |
Summary of the last study published by this analyst
N+1 raised Galp Energia price target from €15.0 to €15.5, maintaining a Neutral recommendation. The analyst supports the price target increase with the announcement of the discovery at Mamba North East-1, in Mozambique. However, the impact on Galp Energia valuation is limited, as the analyst considers that most of the resources were already included in the previous valuation.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| N+1 Equities | Fernando Lafuente | € 15.500 | Neutral | 27 Mar 2012 | | N+1 Equities | Fernando Lafuente | € 15.000 | Neutral | 11 Nov 2011 | | N+1 Equities | Fernando Lafuente | € 150.000 | Neutral | 11 Nov 2011 | | N+1 Equities | Fernando Lafuente | € 19.600 | Buy | 06 Sep 2011 | | N+1 Equities | Fernando Lafuente | € 21.000 | Buy | 20 Jul 2011 | | N+1 Equities | Fernando Lafuente | € 17.800 | Buy | 02 Jun 2011 | | N+1 Equities | Fernando Lafuente | € 17.000 | Neutral | 16 Mar 2011 | | N+1 Equities | Fernando Lafuente | € 15.850 | Neutral | 09 Feb 2011 | | N+1 Equities | Fernando Lafuente | € 16.000 | Neutral | 13 Dec 2010 |
|
| Millenium BCP Investimento |
Vanda Mesquita |
€ 18.300 |
Buy |
26 Mar 2012 |
Summary of the last study published by this analyst
Millennium BCP raised Galp Energia’s price target, from €18.15 to €18.30, maintaining the Buy recommendation. The analyst supports the price target increase with the resources and reserves upgrade, that offset the downward revision of the Refining & Marketing unit, due to a lower refining margin and diminished oil products sales in 2012. The analyst also incorporated the impact of Sinopec deal, in Brazil.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Millenium BCP Investimento | Vanda Mesquita | € 18.300 | Buy | 26 Mar 2012 | | Millenium BCP Investimento | Vanda Mesquita | € 18.150 | Buy | 01 Sep 2011 | | Millenium BCP Investimento | Vanda Mesquita | € 17.300 | Buy | 20 Apr 2011 | | Millenium BCP Investimento | Vanda Mesquita | € 17.350 | Buy | 14 Mar 2011 | | Millenium BCP Investimento | Vanda Mesquita | € 17.000 | Buy | 04 Feb 2011 | | Millenium BCP Investimento | Vanda Mesquita | € 15.200 | Buy | 20 Oct 2010 | | Millenium BCP Investimento | Vanda Mesquita | € 14.200 | Buy | 22 Jul 2010 | | Millenium BCP Investimento | Vanda Mesquita | € 14.650 | Buy | 18 Mar 2010 | | Millenium BCP Investimento | Vanda Mesquita | € 13.050 | Buy | 21 Dec 2009 | | Millenium BCP Investimento | Vanda Mesquita | € 13.050 | Neutral | 11 Nov 2009 | | Millenium BCP Investimento | Vanda Mesquita | € 13.050 | Buy | 10 Sep 2009 | | Millenium BCP Investimento | Pedro Mendes | € 17.100 | Buy | 07 Apr 2008 | | Millenium BCP Investimento | Pedro Mendes | € 14.500 | Neutral | 14 Nov 2007 | | Millenium BCP Investimento | Pedro Mendes | € 14.500 | Buy | 08 Nov 2007 | | Millenium BCP Investimento | Pedro Mendes | € 11.000 | Neutral | 07 Nov 2007 | | Millenium BCP Investimento | Pedro Mendes | € 7.700 | Sell | 08 Aug 2007 | | Millenium BCP Investimento | Pedro Mendes | € 7.700 | Neutral | 13 Apr 2007 | | Millenium BCP Investimento | Pedro Mendes | € 6.850 | Reduce | 08 Mar 2007 | | Millenium BCP Investimento | Pedro Mendes | € 6.850 | Neutral | 08 Feb 2007 | | Millenium BCP Investimento | Pedro Mendes | € 6.250 | Reduce | 26 Jan 2007 | | Millenium BCP Investimento | Pedro Mendes | € 6.000 | Reduce | 09 Jan 2007 |
|
| Santander |
Jason Kenney |
€ 17.300 |
Buy |
16 Mar 2012 |
Summary of the last study published by this analyst
Santander maintained Galp Energia price target and the Buy recommendation. Nevertheless, the analyst has revised downwards earnings estimates for the period 2012-2016, mainly due to the share capital increase in Brazilian subsidiary.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Santander | Jason Kenney | € 17.300 | Buy | 16 Mar 2012 | | Santander | Jason Kenney | € 17.300 | Buy | 22 Sep 2011 | | Santander | To be defined (Santander) | € 14.400 | Buy | 30 May 2009 | | Santander | Sandra Boente | € 14.400 | Buy | 29 May 2009 | | Santander | Sandra Boente | € 12.400 | Buy | 06 Apr 2009 | | Santander | Pedro Balcão Reis | € 21.500 | Buy | 10 Mar 2008 | | Santander | Pedro Balcão Reis | € 14.200 | Buy | 01 Nov 2007 | | Santander | Pedro Balcão Reis | € 11.200 | Buy | 15 Jun 2007 | | Santander | Pedro Balcão Reis | € 8.400 | Buy | 01 Mar 2007 |
|
| Citigroup |
Michael Alsford |
€ 14.300 |
Hold |
15 Mar 2012 |
Summary of the last study published by this analyst
Citigroup raised Galp Energia price target from €14.0 to €14.3 and kept a Hold recommendation. The price target increase is due to the change on Brent’s price forecast from $112.0 to $125.0, in 2012, reflecting geopolitical concerns.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Citigroup | Michael Alsford | € 14.300 | Hold | 15 Mar 2012 | | Citigroup | Michael Alsford | € 14.000 | Neutral | 13 Feb 2012 | | Citigroup | Michael Alsford | € 15.500 | Hold | 06 Oct 2011 | | Citigroup | Michael Alsford | € 15.700 | Hold | 23 Aug 2011 | | Citigroup | Michael Alsford | € 16.000 | Hold | 27 Jan 2011 |
|
| Deutsche Bank |
Elaine Dunphy |
€ 17.000 |
Hold |
15 Mar 2012 |
Summary of the last study published by this analyst
Deutsche Bank decreased Galp Energia price target from €18.5 to €17.0, and moved its recommendation from Buy to Hold. According the analyst, the price target decreased in order to reflect the low estimates for the R&M department, and the price target evolution also incorporates minority interests’ increase after the Sinopec transaction. The recommendation change is due to the risk of a future downgrade on earnings estimates and the lack of short time events that may work as a catalyst for the stock price.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Deutsche Bank | Elaine Dunphy | € 17.000 | Hold | 15 Mar 2012 | | Deutsche Bank | Elaine Dunphy | € 18.500 | Buy | 10 Feb 2012 | | Deutsche Bank | Elaine Dunphy | € 20.000 | Buy | 12 Jul 2011 | | Deutsche Bank | Elaine Dunphy | € 17.750 | Buy | 11 Mar 2011 | | Deutsche Bank | Elaine Dunphy | € 15.900 | Hold | 07 Jan 2011 | | Deutsche Bank | Elaine Dunphy | € 14.650 | Hold | 06 Oct 2010 | | Deutsche Bank | Elaine Dunphy | € 12.750 | Hold | 06 May 2010 | | Deutsche Bank | Elaine Dunphy | € 12.650 | Hold | 18 Mar 2010 | | Deutsche Bank | Luis Fañanas | € 14.000 | Buy | 17 Apr 2009 |
|
| Bernstein Research |
Oswald Clint |
€ 19.000 |
Outperform |
09 Mar 2012 |
Summary of the last study published by this analyst
Bernstein increased its price target for Galp Energia share from €18 to €19.The analyst has increased the long term brent price assumption from $85/bbl to $90/bbl.
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| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Bernstein Research | Oswald Clint | € 19.000 | Outperform | 09 Mar 2012 | | Bernstein Research | Oswald Clint | € 18.000 | Outperform | 04 Jan 2012 | | Bernstein Research | Oswald Clint | € 19.200 | Overweight | 28 Jul 2011 | | Bernstein Research | Oswald Clint | € 16.900 | Overweight | 07 Mar 2011 | | Bernstein Research | Oswald Clint | € 15.100 | Outperform | 18 Jan 2011 | | Bernstein Research | Oswald Clint | € 14.300 | Outperform | 26 May 2010 | | Bernstein Research | Oswald Clint | € 11.000 | Market perform | 04 Feb 2010 | | Bernstein Research | Oswald Clint | € 10.700 | Market perform | 20 Nov 2009 | | Bernstein Research | Oswald Clint | € 10.000 | Market perform | 20 May 2009 | | Bernstein Research | Oswald Clint | € 7.900 | Market perform | 01 May 2009 | | Bernstein Research | Oswald Clint | € 7.910 | Market perform | 03 Feb 2009 | | Bernstein Research | Oswald Clint | € 8.800 | Market perform | 22 Jan 2009 |
|
| Canaccord Genuity |
Gordon Gray |
€ 14.750 |
Buy |
07 Mar 2012 |
Summary of the last study published by this analyst
Collins Stewart has changed its recommendation for Galp Energia from Hold to Buy and raised its price target from €14.0 to €14.75. The analyst has review its assessment taking into consideration the potential upside of the stock.
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| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Canaccord Genuity | Gordon Gray | € 14.750 | Buy | 07 Mar 2012 | | Canaccord Genuity | Gordon Gray | € 14.000 | Hold | 29 Nov 2011 | | Canaccord Genuity | Gordon Gray | € 14.500 | Hold | 12 Aug 2011 | | Canaccord Genuity | Gordon Gray | € 15.500 | Hold | 09 Mar 2011 | | Canaccord Genuity | Gordon Gray | € 15.000 | Hold | 13 Dec 2010 | | Canaccord Genuity | Gordon Gray | € 14.250 | Hold | 02 Dec 2010 | | Canaccord Genuity | Gordon Gray | € 13.250 | Hold | 16 Sep 2010 | | Canaccord Genuity | Gordon Gray | € 12.250 | Hold | 10 May 2010 | | Canaccord Genuity | Gordon Gray | € 12.750 | Hold | 19 Jan 2010 | | Canaccord Genuity | Gordon Gray | € 10.000 | Hold | 17 Jul 2009 | | Canaccord Genuity | Gordon Gray | € 11.000 | Hold | 30 Apr 2009 | | Canaccord Genuity | Gordon Gray | € 8.300 | Hold | 12 Jan 2009 | | Canaccord Genuity | Gordon Gray | € 10.000 | Hold | 01 Dec 2008 |
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| Equita SIM |
Massimo Bonisoli |
€ 17.500 |
Buy |
23 Feb 2012 |
Summary of the last study published by this analyst
Equita raised its price target for Galp Energia, from €17.0 to €17.5, maintaining a recommendation of Buy. The analyst reviewed its assessment taking into account the recent discovery of gas in Mozambique and considering the read-across from the offer from to Shell to acquire Cove Energy for $1.6 billion.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Equita SIM | Massimo Bonisoli | € 17.500 | Buy | 23 Feb 2012 | | Equita SIM | Massimo Bonisoli | € 17.000 | Buy | 11 Nov 2011 | | Equita SIM | Massimo Bonisoli | € 18.300 | Buy | 02 Nov 2011 | | Equita SIM | Massimo Bonisoli | € 18.000 | Buy | 02 Aug 2011 | | Equita SIM | Massimo Bonisoli | € 17.700 | Buy | 06 Jul 2011 | | Equita SIM | Massimo Bonisoli | € 17.500 | Buy | 07 Apr 2011 | | Equita SIM | Massimo Bonisoli | € 17.000 | Buy | 04 Oct 2010 | | Equita SIM | Massimo Bonisoli | € 14.000 | Neutral | 10 Aug 2010 | | Equita SIM | Massimo Bonisoli | € 14.000 | Buy | 08 Mar 2010 | | Equita SIM | Massimo Bonisoli | € 13.200 | Buy | 23 Feb 2010 | | Equita SIM | Gianmarco Bonacina | € 13.300 | Buy | 02 Nov 2009 | | Equita SIM | Gianmarco Bonacina | € 12.700 | Buy | 28 Jul 2009 | | Equita SIM | Gianmarco Bonacina | € 13.300 | Buy | 21 May 2009 | | Equita SIM | Gianmarco Bonacina | € 12.900 | Neutral | 16 Feb 2009 | | Equita SIM | Gianmarco Bonacina | € 13.000 | Neutral | 16 Sep 2008 | | Equita SIM | Gianmarco Bonacina | € 12.000 | Sell | 27 Jun 2008 |
|
| Espírito Santo Research |
Filipe Rosa |
€ 18.300 |
Buy |
16 Feb 2012 |
Summary of the last study published by this analyst
BES has raised its price target for Galp Energia, from €17.7 to €18.3, while maintaining a Buy recommendation. This revision reflects an increase in the valuation of Mozambique following the announcement of a natural gas discovery at the Mamba North prospect and to the potential of future discoveries within this region.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Espírito Santo Research | Filipe Rosa | € 18.300 | Buy | 16 Feb 2012 | | Espírito Santo Research | Filipe Rosa | € 17.700 | Buy | 14 Nov 2011 | | Espírito Santo Research | Filipe Rosa | € 18.100 | Buy | 28 Oct 2011 | | Espírito Santo Research | Filipe Rosa | € 17.800 | Buy | 21 Oct 2011 | | Espírito Santo Research | Filipe Rosa | € 17.200 | Buy | 27 Sep 2011 | | Espírito Santo Research | Filipe Rosa | € 17.100 | Buy | 11 Mar 2011 | | Espírito Santo Research | Filipe Rosa | € 17.200 | Buy | 29 Dec 2010 | | Espírito Santo Research | Filipe Rosa | € 17.000 | Buy | 14 Dec 2010 | | Espírito Santo Research | Filipe Rosa | € 16.000 | Buy | 28 Jul 2010 | | Espírito Santo Research | Filipe Rosa | € 13.600 | Buy | 07 Nov 2009 | | Espírito Santo Research | Pedro Morais | € 12.600 | Buy | 05 Nov 2008 | | Espírito Santo Research | Pedro Morais | € 17.400 | Buy | 11 Sep 2008 | | Espírito Santo Research | Pedro Morais | € 16.200 | Buy | 09 Sep 2008 | | Espírito Santo Research | Pedro Morais | € 15.300 | Buy | 30 Jun 2008 | | Espírito Santo Research | Pedro Morais | € 15.000 | Neutral | 09 Nov 2007 | | Espírito Santo Research | Pedro Morais | € 11.200 | Buy | 20 Aug 2007 | | Espírito Santo Research | Pedro Morais | € 8.000 | Buy | 03 Jul 2007 | | Espírito Santo Research | Pedro Morais | € 7.600 | Buy | 28 Feb 2007 | | Espírito Santo Research | Pedro Morais | € 6.600 | Neutral | 19 Dec 2006 |
|
| BPI |
Bruno Almeida da Silva |
€ 18.400 |
Buy |
07 Feb 2012 |
Summary of the last study published by this analyst
BPI has changed its price target for Galp Energia, from €18.60 to € 18.40, while maintaining a Buy recommendation. The analyst has incorporated a poorer assessment for the R&M business in anticipation of lower benchmark margins and considering a delay in the upgrade project start for the second half of 2012. This lower assessment was not completely offset by the increase on the estimates for E&P and G&P businesses.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| BPI | Bruno Almeida da Silva | € 18.400 | Buy | 07 Feb 2012 | | BPI | Bruno Almeida da Silva | € 18.600 | Buy | 24 Nov 2011 | | BPI | Bruno Almeida da Silva | € 18.600 | Accumulate | 14 Nov 2011 | | BPI | Bruno Almeida da Silva | € 20.400 | Accumulate | 11 Nov 2011 | | BPI | Bruno Almeida da Silva | € 20.400 | Buy | 01 Jun 2011 | | BPI | Bruno Almeida da Silva | € 16.400 | Accumulate | 17 May 2011 | | BPI | Bruno Almeida da Silva | € 17.150 | Accumulate | 15 Feb 2011 | | BPI | Bruno Almeida da Silva | € 16.100 | Accumulate | 22 Nov 2010 | | BPI | Bruno Almeida da Silva | € 15.800 | Buy | 12 Apr 2010 | | BPI | Bruno Almeida da Silva | € 15.450 | Buy | 22 Feb 2010 | | BPI | Bruno Almeida da Silva | € 13.350 | Hold | 02 Nov 2009 | | BPI | Bruno Almeida da Silva | € 13.500 | Accumulate | 29 Sep 2009 | | BPI | Bruno Almeida da Silva | € 12.000 | Accumulate | 27 Apr 2009 | | BPI | Bruno Almeida da Silva | € 9.600 | Buy | 30 Oct 2008 | | BPI | Bruno Almeida da Silva | € 17.300 | Buy | 11 Jul 2008 | | BPI | Bruno Almeida da Silva | € 17.050 | Hold | 18 Apr 2008 | | BPI | Enrique Soldevila Manrique | € 14.200 | Hold | 15 Nov 2007 | | BPI | Enrique Soldevila Manrique | € 7.600 | Hold | 17 May 2007 | | BPI | Enrique Soldevila Manrique | € 7.550 | Accumulate | 14 Mar 2007 | | BPI | Enrique Soldevila Manrique | € 6.400 | Hold | 11 Jan 2007 |
|
| Jefferies International |
Brendan Warn |
€ 16.000 |
Buy |
12 Jan 2012 |
Summary of the last study published by this analyst
Jefferies has changed the price target for Galp Energia from €17 to €16, maintaining a Buy recommendation. The analyst considers that Galp Energia’s upstream activities will be affected by a declining production in Angola and a more moderate development pace in the Lula field. The downstream activities should continue with negative refining margins, following the benchmark refining margins European trend.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Jefferies International | Brendan Warn | € 16.000 | Buy | 12 Jan 2012 | | Jefferies International | Brendan Warn | € 17.000 | Buy | 07 Sep 2011 | | Jefferies International | Daniel Ekstein | € 17.500 | Buy | 11 Apr 2011 | | Jefferies International | Daniel Ekstein | € 17.000 | Buy | 14 Feb 2011 | | Jefferies International | Daniel Ekstein | € 16.000 | Buy | 22 Dec 2010 |
|
| Fidentiis Equities |
Alberto Sánchez |
€ 15.250 |
Buy |
21 Dec 2011 |
Summary of the last study published by this analyst
Fidentis raised its price target for Galp Energia from €14.5 to €15.25 and upgrading its recommendation from Hold to Buy. The analyst has incorporated the recent gas discovery in Mozambique into the valuation and updated the estimates.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Fidentiis Equities | Alberto Sánchez | € 15.250 | Buy | 21 Dec 2011 | | Fidentiis Equities | Alberto Sánchez | € 14.500 | Hold | 14 Nov 2011 | | Fidentiis Equities | Alberto Sánchez | € 18.750 | Buy | 01 Aug 2011 | | Fidentiis Equities | Alberto Sánchez | € 18.250 | Buy | 30 Dec 2010 | | Fidentiis Equities | Alberto Sánchez | € 17.250 | Buy | 13 Dec 2010 | | Fidentiis Equities | Alberto Sánchez | € 10.000 | Hold | 07 Aug 2009 | | Fidentiis Equities | Alberto Sánchez | € 10.250 | Hold | 28 Nov 2008 |
|
| Caixa BI |
Carlos Jesus |
€ 18.700 |
Buy |
28 Nov 2011 |
Summary of the last study published by this analyst
Caixa Banco de Investimento revised upwards the price target of Galp Energia from €18.40 to €18.70, maintaining the Buy recommendation. The analyst highlights the upside potential arising from the E&P assets, both in Brazil and in Mozambique, and without financing risk.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Caixa BI | Carlos Jesus | € 18.700 | Buy | 28 Nov 2011 | | Caixa BI | Carlos Jesus | € 18.400 | Buy | 04 Nov 2010 | | Caixa BI | Carlos Jesus | € 16.000 | Buy | 10 Mar 2010 | | Caixa BI | Carlos Jesus | € 15.000 | Buy | 27 Oct 2009 | | Caixa BI | Carlos Jesus | € 12.300 | Buy | 19 Mar 2009 | | Caixa BI | Carlos Jesus | € 13.300 | Buy | 16 Jan 2009 | | Caixa BI | Carlos Jesus | € 14.400 | Buy | 24 Nov 2008 | | Caixa BI | Carlos Jesus | € 20.300 | Buy | 06 Oct 2008 | | Caixa BI | Carlos Jesus | € 21.500 | Buy | 01 Apr 2008 | | Caixa BI | Carlos Jesus | € 17.700 | Buy | 25 Jan 2008 | | Caixa BI | Carlos Jesus | € 14.600 | Accumulate | 14 Nov 2007 | | Caixa BI | Carlos Jesus | € 14.600 | Buy | 08 Nov 2007 | | Caixa BI | Carlos Jesus | € 11.200 | Accumulate | 17 Sep 2007 | | Caixa BI | Susana Neto | € 8.250 | Accumulate | 06 Aug 2007 | | Caixa BI | Susana Neto | € 7.150 | Accumulate | 06 Dec 2006 |
|
| J.P. Morgan Cazenove |
Nitin Sharma |
€ 20.000 |
Overweight |
27 Jul 2011 |
Summary of the last study published by this analyst
J.P. Morgan increased Galp Energia’s price target from €18.5 to €20.0 while maintaining an Overweight recommendation. This change is justified by the upward revision of resources estimate of the Brazilian pre-salt following the announcement of BG Group.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| J.P. Morgan Cazenove | Nitin Sharma | € 20.000 | Overweight | 27 Jul 2011 | | J.P. Morgan Cazenove | Nitin Sharma | € 18.500 | Overweight | 05 Apr 2011 | | J.P. Morgan Cazenove | Nitin Sharma | € 17.500 | Overweight | 04 Feb 2011 | | J.P. Morgan Cazenove | Nitin Sharma | € 16.000 | Overweight | 09 Dec 2010 | | J.P. Morgan Cazenove | Nitin Sharma | € 15.000 | Overweight | 01 Jun 2010 | | J.P. Morgan Cazenove | Nitin Sharma | € 16.800 | Outperform | 20 Nov 2009 | | J.P. Morgan Cazenove | Nitin Sharma | € 14.000 | Underperform | 23 Jul 2009 | | J.P. Morgan Cazenove | Nitin Sharma | € 14.000 | In-Line | 14 Jan 2009 | | J.P. Morgan Cazenove | Nitin Sharma | € 16.200 | Outperform | 30 Sep 2008 |
|
| Investec |
Stuart Joyner |
€ 17.330 |
Hold |
01 Jul 2011 |
Summary of the last study published by this analyst
Investec decreased Galp Energia's recommendation from Buy to Hold due to the recent outperformance of the stock versus de sector.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Investec | Stuart Joyner | € 17.330 | Hold | 01 Jul 2011 | | Investec | Stuart Joyner | € 17.330 | Buy | 02 Feb 2011 |
|
| ING |
To be defined (ING) |
€ 17.000 |
Hold |
08 Mar 2011 |
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| ING | To be defined (ING) | € 17.000 | Hold | 08 Mar 2011 | | ING | Jason Kenney | € 17.000 | Hold | 07 Mar 2011 | | ING | Jason Kenney | € 14.800 | Hold | 10 Jan 2011 | | ING | Jason Kenney | € 14.500 | Hold | 19 Nov 2010 | | ING | Jason Kenney | € 13.500 | Hold | 06 Sep 2010 | | ING | Jason Kenney | € 12.000 | Hold | 02 Mar 2010 | | ING | Jason Kenney | € 11.300 | Hold | 03 Feb 2010 | | ING | Jason Kenney | € 11.500 | Sell | 14 Jan 2010 | | ING | Jason Kenney | € 10.500 | Sell | 16 Sep 2009 | | ING | Jason Kenney | € 9.000 | Sell | 05 Aug 2009 | | ING | Jason Kenney | € 10.000 | Sell | 10 Jun 2009 | | ING | Jason Kenney | € 10.500 | Hold | 27 May 2009 | | ING | Jason Kenney | € 12.600 | Buy | 21 Jan 2009 | | ING | Jason Kenney | € 13.600 | Buy | 14 Nov 2008 | | ING | Jason Kenney | € 16.020 | Buy | 03 Oct 2008 | | ING | Jason Kenney | € 15.700 | Buy | 18 Aug 2008 |
|
| Banif |
Sofia Cordeiro |
€ 15.250 |
Neutral |
22 Feb 2011 |
Summary of the last study published by this analyst
Banif has re-started coverage of Galp Energia’s share, attributing a price target of €15.25 and a Neutral recommendation. Despite recognizing potential in Brazilian Exploration & Production portfolio and anticipating the recovery in the Refining & Marketing business, Banif attributes some risk to the share, namely a high execution risk to the upstream activities.
|
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Banif | Sofia Cordeiro | € 15.250 | Neutral | 22 Feb 2011 | | Banif | To be defined (Banif) | € 14.600 | Buy | 02 Apr 2010 | | Banif | Julieta Vital | € 14.600 | Buy | 01 Apr 2010 | | Banif | Julieta Vital | € 14.350 | Buy | 18 Dec 2009 | | Banif | Julieta Vital | € 13.500 | Buy | 27 Nov 2008 | | Banif | Gabriela Pereira Ramos | € 19.700 | Buy | 07 Aug 2008 | | Banif | Gabriela Pereira Ramos | € 19.600 | Buy | 18 Jun 2008 | | Banif | Gabriela Pereira Ramos | € 19.150 | Buy | 06 Mar 2008 | | Banif | Gabriela Pereira Ramos | € 19.400 | Buy | 24 Jan 2008 | | Banif | Gabriela Pereira Ramos | € 15.700 | Buy | 09 Nov 2007 | | Banif | Gabriela Pereira Ramos | € 12.600 | Buy | 14 Aug 2007 | | Banif | Gabriela Pereira Ramos | € 8.240 | Buy | 29 Mar 2007 |
|
| Morgan Stanley |
To be defined (Morgan Stanley) |
€ 16.000 |
Equalweight |
18 Nov 2010 |
| Institution |
Analyst |
Target price |
Recommendation |
Date |
| Morgan Stanley | To be defined (Morgan Stanley) | € 16.000 | Equalweight | 18 Nov 2010 | | Morgan Stanley | Theepan Jothilingman | € 16.000 | Equalweight | 17 Nov 2010 | | Morgan Stanley | Theepan Jothilingman | € 16.000 | Overweight | 12 Jan 2010 | | Morgan Stanley | Theepan Jothilingman | € 14.000 | Overweight | 18 Feb 2009 | | Morgan Stanley | Andrew Bowman | € 21.000 | Overweight | 22 Jan 2008 | | Morgan Stanley | Andrew Bowman | € 19.500 | Overweight-V | 09 Jan 2008 | | Morgan Stanley | Andrew Bowman | € 18.000 | Overweight-V | 03 Dec 2007 | | Morgan Stanley | Andrew Bowman | € 17.100 | Overweight-V | 09 Nov 2007 | | Morgan Stanley | Andrew Bowman | € 12.400 | Overweight-V | 23 Oct 2007 | | Morgan Stanley | Andrew Bowman | € 11.600 | Overweight-V | 05 Sep 2007 | | Morgan Stanley | Andrew Bowman | € 11.400 | Overweight-V | 09 Aug 2007 | | Morgan Stanley | Andrew Bowman | € 8.800 | Overweight-V | 22 May 2007 | | Morgan Stanley | Joseph Mares | € 7.700 | Overweight-V | 23 Feb 2007 | | Morgan Stanley | Joseph Mares | € 6.300 | Equal-weight-V | 13 Dec 2006 | | Morgan Stanley | Joseph Mares | € 6.450 | Equal-weight-V | 06 Dec 2006 |
|