Kepler Downgrades Italgas to Hold from Buy

« In the last year, Italgas’s share price has risen by 64% (YTD: 41%; 6M 11%) » says the broker. « The share price has reached our TP of EUR5.3, thus we downgrade our rating from Buy to Hold. Our ranking of Italian regulated utilities is now: 1) SNAM (Hold, TP EUR4.5); 2) Italgas (Hold, TP EUR5.3); and 3) Terna (Reduce, TP EUR4.9) », they add.