Stifel starts on Engie with 'buy' on reinforced earnings structure
July 2 (Reuters) - ** Stifel initiates coverage of French utility Engie ENGIE.PA with "buy", expecting reinforced capital structure and dividend policy from improved earnings mix
** Engie's investment in networks, wind and solar as well as asset-based activities such as cogeneration support recurrent and visible cash generation, the broker says
** "We expect an overall reduction in Engie's earnings volatility in the medium term, marked by growing contribution from the better-valued regulated and contracted activities," Stifel says
** The broker expects consensus upgrades for 2025-2026 due to recent rebound in energy prices
** Out of 17 analysts covering Engie, 16 rate the stock "buy" or "strong buy" and 3 rate "hold"
Reporting by Alban Kacher
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