Pampa模型更新

研报英文原文证据摘录

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.