REAL-TIME GLOBAL RESEARCH
Pampa Model Update
Research evidence excerpt
J P M O R G A N
Latin America Equity Research
16 September 2026
Pampa
Neutral
Model Update
PAMPm.BA, PAMP AR
Price (15 Sep 26):APs5,540.00
▲Price Target (Dec-27):APs6,517.00
Prior (Dec-27):APs6,500.00
We are updating our models to apply a marginal adjustment to Power Generation
EBITDA for 2027-28. Latest notes: (a) Pampa: 2Q26 Results: Strong Upstream
and Power Generation Growth in line with Expectations; (b) Pampa: Straight from
the Call; (c) Pampa ADR: Turning Vaca Muerta Gas Into a Competitive Fertilizer
Franchise. More details below.
Neutral
PAM, PAM US
Price (15 Sep 26):$86.81
Price Target (Dec-27):$105.00
Latam Oil, Gas & Petrochemicals
Milene Clifford Carvalho AC
(55-11) 4950-3475
Henrique Cunha, CFA
(55 11) 4950 3623
Rodolfo Angele, CFA
(55-11) 4950-3888
Banco J.P. Morgan S.A.
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