Portugal's Galp stands out as the most defensive mid-major European energy stock, Morgan Stanley analysts write as they lower their commodity price forecasts. They upgrade Galp to overweight from equalweight. Galp has high-quality upstream and downstream assets and can generate cash in a weaker oil price environment, they write. Additionally, it has a lighter pipeline of projects that require capital expenditure, they say. The stock has near-term catalysts including a potential merger with Spanish refiner Moeve, they write. Shares rise 1.7% to 19.045 euros. (adam.whittaker@wsj.com)