---
title: "Goldman’s Hatzius Upgrades Repsol to Buy, Lifts Price Target to $25 on Strong Free Cash Flow and Attractive Valuation"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284868430.md"
description: "Goldman Sachs analyst Jan Hatzius upgraded Repsol to a Buy rating and raised the price target to €25.00, citing strong free cash flow and attractive valuation. Despite a slight dip in adjusted net income, Repsol's robust cash generation and improved capital efficiency are highlighted. Hatzius anticipates a favorable refining environment boosting earnings in 2026 and 2027, alongside new upstream projects supporting free cash flow recovery. He notes a projected cash return to shareholders of around 10% in 2026, justifying the upgrade."
datetime: "2026-05-01T05:35:32.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284868430.md)
  - [en](https://longbridge.com/en/news/284868430.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284868430.md)
generator: "portal-rs"
---

# Goldman’s Hatzius Upgrades Repsol to Buy, Lifts Price Target to $25 on Strong Free Cash Flow and Attractive Valuation

Goldman Sachs analyst Jan Hatzius maintained a Buy rating on Repsol yesterday and set a price target of €25.00.

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Jan Hatzius has given his Buy rating due to a combination of factors, starting with Repsol’s robust cash generation despite a slightly softer than expected adjusted net income in the latest quarter. He underscores that stronger operating cash flow, after funding organic capex, is translating into notably higher free cash flow than previously projected, highlighting improved capital efficiency and balance sheet strength.

Hatzius also points to a favorable refining backdrop that, in his view, can lift earnings in 2026 and 2027 while new, higher-quality upstream projects support a sustained free cash flow recovery. Combined with a valuation he considers attractive after the stock’s recent underperformance and an anticipated cash return to shareholders of around 10% in 2026, he raises his price target from $24 to $25 and upgrades Repsol to a Buy rating.

According to TipRanks, Hatzius is ranked #6554 out of 12160 analysts.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**