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RWE: Berenberg cuts price target

( - Berenberg cut its price target on RWE but said that although the German utility group is not immune to coal uncertainty, it is positively exposed to renewables.

The brokerage cut its price target to 28 euros, from 28.5 euros, and maintained its "buy" rating on the stock.

"Uncertainty over Germany's coal exit means that RWE's future renewables business remains significantly undervalued," Berenberg wrote in a note to clients.

"Its implied standalone P/E of only 15.7x is almost half that of its future renewables peers. That presents a compelling buying opportunity and a buffer against coal risks," it added.

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