(CercleFinance.com) – Oddo maintains its ‘outperformance’ rating on EDF shares with a price target reduced to 13.5 euros, against 14 euros previously.
The analyst considers the detailed review of the schedule for the Flamanville 3 project presented by EDF last night to be ‘reassuring’.
EDF also took the opportunity to return to the technical hazard concerning reactor 1 at Taishan (China), caused by a phenomenon of mechanical wear of certain assembly components.
‘The group underlined that this phenomenon did not call into question the EPR model’ and indicated ‘that a solution already implemented on the nuclear fleet in operation of EDF will be instructed with the French Nuclear Safety Authority’.
Oddo believes that ‘although this announcement is bad news, for obvious reasons, it is also very reassuring from the point of view of Flamanville risk assessment in the future’.
However, the broker postpones the commercial commissioning of the Flamanville power plant to the end of 2023, i.e. a production reduced to 360 TWh justifying the drop in the price target.
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