-- 加拿大皇家銀行資本市場(RBC Capital Markets)調整了對雷普索爾(Repsol，股票代碼：REP.MC)的盈利預測和目標股價，此次調整是基於該西班牙能源集團第一季度交易情況的更新以及該研究公司修訂後的商品價格預測。 雷普索爾的交易更新顯示下游業務略有走強跡象，煉油指標平均為10.9美元/桶，與第四季度相近，但這顯然是受3月份強勁表現的推動。雷普索爾指出，4月煉油利潤率波動較大，但平均約為11.5美元/桶（已扣除所有變動成本，包括運輸成本），遠低於我們目前預期的利潤率水準。從表面上看，考慮到餾分油裂解價差，這一數據可能令人失望；然而，我們認為這反映了原油現貨價差以及原油和成品油定價之間的時差效應。近幾天，我們看到美國煉油商和埃克森美孚（XOM）發布了一系列「混亂」的第一季業績更新，而作為一家沿海煉油商，雷普索爾可能比那些從當地採購原油的美國煉油商更容易受到原油供應量下降的影響。鑑於餾分油庫存緊張，我們仍然認為煉油利潤率在2026年及2027年將保持在中期中期水準之上。雷普索爾是這一趨勢的主要受益者之一。 4月10日的一份報告指出：“上游業務方面，產量低於預期，部分一次性因素對業績造成了影響。” 因此，該研究機構下調了2026年至2028年全年每股收益預期，並將2026年第一季調整後淨利潤預期從10.9億歐元下調至9.85億歐元，比市場預期低2%。 同時，分析師將這只評級為「跑贏大盤」的股票的目標價從29歐元上調至32歐元。此次上調反映了該研究機構最新的商品價格預測，該預測納入了更高的2026年至2027年油價預期以及每桶80美元的長期布蘭特原油價格假設。
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
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