DB resumes coverage of European utilities with neutral sector view
** Deutsche Bank says a recovery in European utility stocks has narrowed their 15% underperformance vs wider market to just 2%, leaving the broker neutral on the sector
** "The rally and modest earnings upgrades means that the sector is again closer to its long-run norm: P/E parity," it says
** It adds there are still some attractive stock-picking opportunities, as it resumes coverage of four stocks with "buy" and nine with "hold"; it also raises PTs for six stocks
DB'S RATINGS AND PRICE TARGETS:
COMPANY | RATING | PT |
|---|---|---|
Engie ENGIE.PA | Buy | EUR 17.50 |
Italgas IG.MI | Buy | EUR 6.20 |
Snam SRG.MI | Buy | EUR 5.40 |
National Grid PLC NG.L | Buy | 1,100 p |
Orsted ORSTED.CO | Buy | DKK 500 (from DKK 470) |
Veolia VIE.PA | Buy | EUR 34 (from EUR 33) |
Fortum FORTUM.HE | Hold | EUR 13.70 |
Enel ENEI.MI | Hold | EUR 7.00 |
Terna TRN.MI | Hold | EUR 8.40 |
Enagas ENAG.MC | Hold | EUR 14.50 |
Iberdrola IBE.MC | Hold | EUR 13 |
Redeia REDE.MC | Hold | EUR 17.70 |
Pennon Group PNN.L | Hold | 600 p |
SSE SSE.L | Hold | 2,000 p |
Severn Trent SVT.L | Hold | 2,700 p |
EDP EDP.LS | Hold | EUR 4.20 (from EUR 3.80) |
Acciona Energia ANE.MC | Hold | EUR 22 (from EUR 21) |
EDPR EDPR.LS | Hold | EUR 16 (from EUR 14.50) |
Verbund VERB.VI | Sell | EUR 63 (from EUR 62) |
Reporting by Anna Peverieri
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