Exane BNP Paribas has upgraded its rating to Outperform on Enel (TP of €4.8) and Enagas (TP of €28), which add to its O/P rating on Engie (TP €16.1).
« At the end of last year we developed, with our analysts, four themes that we argued would drive relative stock performance in 2012 . These were: Earnings resilience; Structural growth; Balance-sheet strength; Pricing anomalies.Essentially, we argued that quality companies with decent balance sheets, earnings that were unlikely to buckle in a weak economic environment and long-term growth prospects in their core businesses would be likely to outperform through the up and down swings. Fortunately, with the weakness of markets over the past couple of years, our analysts found plenty of such companies at reasonable valuations.We still think these are valid themes, since the fundamental macro picture has not changed. Therefore, we have asked our analysts to refresh their ideas for stocks that best fit these themes. »
Exane BNP Paribas a abaissé son avis de « neutre » à « sous-performance » sur EDF Energies Nouvelles, avec un objectif de cours de 35 euros. Lire la suite