Saras rises as Equita ups TP, EBITDA estimate on refining margins

Saras SpA

29/08/2023 10:01

** Shares of Italian refiner Saras  SRS.MI  gains as much as
3.5% after strong refining margins prompt brokerage Equita to
raise 2023 EBITDA estimate by 10% and target price by 6% to 1.48
euros
    ** "Fundamentals strengthened in August. Refining margins
reached new highs for 2023 thanks to a very strong spread level
on both gasoline and diesel," Equita says
    ** The brokerage hikes the 2023 EBITDA estimate to 665
million euros ($719.4 million) from 606 million previously
    ** It sticks to "hold" rating
    ** As of 0900 GMT, the shares are up 2.7%, outperforming
Milan's all-share index  .FTITLMS  that rises 0.42%
    ** Including Tuesday's rise, the stock has gained 15.8% YTD

($1 = 0.9244 euros)

 (Reporting by Romolo Tosiani)
 ((Romolo.Tosiani@tr.com))