(CercleFinance.com) – The stock continued its upward movement (+1.3%) and recorded a 4th session of growth (around +11%).
Oddo BHF confirms its ‘outperformance’ recommendation on Engie with a price target raised from 18 to 18.5 euros, judging that ‘the resilience of the model compared to traditional utilities is appreciable’.
“The group is able to capture significantly more favorable market conditions which may justify future increases in estimates if market conditions remain well oriented,” said the analyst the day after the quarterly business update.
Oddo recalls that Engie has unveiled results above its expectations for the first quarter, leading it to revise its expectations for 2022 upwards, with in particular significantly raised price assumptions for the year.
Recall that for the first quarter, the energy group published an EBIT up 74% to 3.5 billion euros and an EBITDA up 49% to 4.6 billion, for a turnover up by 85% to 25.6 billion, ‘in exceptional market conditions’.
Following this publication, UBS reiterates its advice to buy the stock with a price target of 17 E.
“We share the main points of the conference call this morning, including a useful discussion on the risks associated with gas and the potential development of the French biomethane sector,” said UBS.
Engie is now targeting net recurring income group share for the year 2022 in a range of 3.8 to 4.4 billion euros.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
Are you following this action?
Receive all the information about ENGIE in real time: