Repsol "sell"

01/02/07 - Ibersecurities

LONDON, January 2 (newratings.com) - Analysts at Ibersecurities maintain their "sell" rating on Repsol YPF SA (REP-EUR). The target price is set to €25.72.

In a research note published on December 29, the analysts mention that the acquisition of a 20.01% direct stake in Repsol YPF by Sacyr Vallehermoso, following the derivates signed with Santander and the liquidation of the return swaps signed with CitiGroup, is likely to have a limited effect on Repsol’s share price. This is because Sacyr Vallehermoso has been controlling 20% of Repsol, directly and indirectly, since end-November, the analysts say. According to press reports, Sacyr Vallehermoso is likely to continue increasing its interest beyond the 20% levels and up to 24.9%, Ibersecurities adds.