UPDATE: Morgan Stanley Initiates Coverage on YFA SA
David Johnson, Benzinga Staff Writer
January 06, 2014 10:01 AM
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In a report published Monday, Morgan Stanley analyst Bruno Montanari initiated coverage on YFA SA (NYSE: YPF [FREE Stock Trend Analysis]) with Overweight and a $50.00 price target.
According to the report, a better than 2:1 bull:bear skew on YPF is seen, but the analysts call is geared to investors with a LT horizon. Renewed access to capital markets should allow YPF to develop its sizable shale resources, reversing five years of declining output.
The report noted three drivers leading to the Overweight rating:
-Access to external funding & technology -Resolution of expropriation overhang -Development of sizeable shale oil/gas plays
“YPF trades at a ~50% discount to global oil companies exposed to shale plays, mostly in the US,” the report said. “We find its multiple attractive for a LT investment opportunity.”
Some risks to YPF included lack of access to further funding options, lowering NAVs and expropriation overhang persisting through multi-year arbitration and lawsuits.
YPF closed Friday at $32.65 with share trading up at 1.02 percent.
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Posted-In: Bruno Montanari Morgan StanleyAnalyst Color Initiation Analyst Ratings
(c) 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Hoy no menos del 3% up. 
Que les parece mi nueva cartera 2014, 2013 me
Perdón los papeles son para éste año.