OMV analysts raise price targets following earnings report

Analysts from RBC and UBS have raised their price targets for the energy company OMV following the release of better than expected financial results. RBC increased its price target from 70.00 to 75.00 euros while maintaining a “Sector Perform” rating.

UBS raised its target for OMV shares from 77.00 to 79.00 euros and maintained a “Buy” recommendation. Analysts noted that a lower tax burden helped offset weaker results in the chemical sector. The report suggested that a tight market for refinery products and higher natural gas prices are contributing factors to the company's current position.