(CercleFinance.com) – Deutsche Bank raised its price target on Engie on Monday, from 16 to 16.5 euros, while renewing its purchase recommendation on the stock.
While he had a generally ‘neutral’ opinion on the utilities sector since the start of the year, the intermediary now says he has a more positive opinion.
He explains that the hole in results that was supposed to occur due to the fall in electricity prices did not materialize, which allows the sector to stand out in terms of valuation.
Over a two-year horizon, the sectoral PER shows a discount of 7% compared to the rest of the market, points out the intermediary, who emphasizes that such a phenomenon has only occurred in only 1.4 % of the time over the interval 2010-2023.
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