Kepler Cheuvreux cuts Italgas to 'hold', awaits launch of 1 bln euro capital raise
** Kepler Cheuvreux cuts Italgas IG.MI to "hold" from "buy" as it sees no major third-quarter catalyst for its share price
** Sees as better entry point the launch of the 1 billion euro ($1.08 billion) capital hike Italy's biggest gas distributor announced at the beginning of October
** The announcement follows the signing of a 5.3 billion euro deal to acquire 2i Rete Gas, second gas distributor in the country
** Italgas has strong industrial rationale, and the earnings per share accretion is visible, brokerage adds
** Out of 14 analysts that cover Italgas, six rate the stock "strong buy" or "buy", seven rate "hold" and one rates the stock "sell" - LSEG data
($1 = 0.9275 euros)
Reporting by Philippe Leroy Beaulieu
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