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RBC Expects Higher Targets, Share Buyback Boost in Galp Energia's Q2 Update; Outperform Rating Maintained

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RBC Capital Markets expects Galp Energia (GALP.LS) to raise its profit targets and share buybacks, with the announcement expected around July when it publishes its second-quarter results.

"Galp looks set to benefit across its businesses from the current environment, with oil production ramping into higher prices, refining margins benefiting from a tight oil products market and its midstream segment supported by wider HH-TTF spreads. We maintain our Outperform rating and EUR22 Price Target," according to a Monday note.

Within this context, the research firm sees scope for the Portuguese energy company to double its buyback program to 500 million euros, based on the Brent forecast of $91 per barrel.

As part of a model update, analysts also made minor tweaks to their EBITDA and EPS forecasts for full-year 2026 through 2028 following the publication of Galp Energia's first-quarter 2026 update.

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