REAL-TIME GLOBAL RESEARCH
Risk Reward Update
Research evidence excerpt
Not for redistribution without written consent of Morgan Stanley
M
Update
August 6, 2026 05:27 PM GMT
Morgan Stanley C.T.V.M. S.A.+
Pampa Energia SA | Latin America
Bruno Montanari
Equity Analyst
Risk Reward Update
Pampa Energia SA (PAM.N, PAM UN)
What’s Changed
LatAm Integrated Oil & Gas | Argentina
Pampa Energia SA (PAM.N)
From
To
Price Target
US$117.00
US$112.00
Bull Case
US$172.00
US$164.00
Base Case
US$117.00
US$112.00
Bear Case
US$56.00
US$53.00
Updated Components
EPS
Risk Reward for Pampa Energia SA (PAM.N) has been updated
Reason for change
Stock Rating
Industry View
Price target
Shr price, close (Aug 5, 2026)
52-Week Range
Fiscal Year Ending
EPS (US$)**
Prior EPS (US$)**
Equal-weight
No Rating
US$112.00
US$83.83
US$94.50-55.00
12/25 12/26e 12/27e 12/28e
7.36
9.83
9.34
8.49
9.14
8.98
9.12
Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
framework
** = Based on consensus methodology
e = Morgan Stanley Research estimates
We update our model to reflect 2Q26 results. Our PT decreases to $112/ADR (from
$117/ADR), due to changes in our Rincón de Aranda development estimates.
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