RBC Trims Galp Energia Price Target After TotalEnergies Farm-down Deal

01:39 AM EST, 12/11/2025 (MT Newswires) -- RBC Capital Markets decreased its price target for Galp Energia (GALP.LS) to 19 euros from 22 euros, amid lower expectations for the Portuguese energy company's Namibia project following its agreement with French peer TotalEnergies (TTE.L, TTE.PA). "The market reacted negatively to yesterday's farm-down deal with TotalEnergies, and for good reason. No upfront cash, the incorporation of an asset swap and limited visibility on the value placed on future upside creates materially more uncertainty than we previously anticipated. While Galp has de-risked the development by bringing in a credible deepwater operator, it is clear to us that TotalEnergies got the better end of the bargain, with the project adding to an already robust upstream hopper," the research firm wrote Wednesday. Analysts maintained Galp Energia's rating at outperform, saying the share price performance already factored in most of the move.