RBC Upgrades OMV to Sector Perform, Raises Target to €70

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RBC Capital Markets upgraded OMV AG to "sector perform" from "underperform" on Tuesday, raising its price target to €70, below OMV's €71.20 share price at the October 5 close. RBC said much of the negative news surrounding the Austrian energy producer is already reflected in its shares, while stronger refining margins and European gas prices could support near-term earnings. The brokerage said OMV ranks second only to Equinor in sensitivity to European gas prices among the integrated energy companies it covers, and its refining cash-flow sensitivity is among the highest in the group. RBC remains cautious on OMV's Middle East exposure, noting that Borouge International's delayed listing and the halving of its 2026 dividend resulted in around €1.5 billion of lost or delayed cash proceeds for OMV this year. RBC is tactically positive ahead of OMV's third-quarter trading update on Friday, October 9, forecasting net income of €1.315 billion, 28% above Visible Alpha consensus, though Romania's temporary solidarity contribution on crude extraction and refining from August through October will partly offset the upside. Shares of OMV rose 0.8% to €71.60 in afternoon trading on Tuesday.

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