Citi Upgrades Pampa Energia S.A. (PAM) to Buy

Citi analyst Andrés Cardona upgraded Pampa Energia S.A. (NYSE: PAM) from Neutral to Buy with a price target of $58.00 (from $51.00).

The analyst comments "We update our PAM model ahead of 2Q24 results and incorporate the recent 25% price increase for the legacy power generation assets. We also mark-to-market PAM stake at their distribution and transmission subsidiaries and partially incorporate some of Rincon de Aranda value that will likely be de-risked this year. All-in-all this lifts our TP to $58.0/ADR from $51.0/ADR, prompting us to upgrade PAM. We still have Rincon de Aranda as an upside to our base case. We see PAM trading at 2.9x-2.3x 2024-25 EV/EBITDA."

For an analyst ratings summary and ratings history on Pampa Energia S.A. click here. For more ratings news on Pampa Energia S.A. click here.

Shares of Pampa Energia S.A. closed at $43.28 yesterday.

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