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RWE: shares up 3% after broker raises target

( - RWE shares were up 3%, in pole position on the DAX index, on Friday after Berenberg raised its target price for the share.

The shares climbed 3.1% to 31 euros, continuing a rally that has seen them notch up an impressive rise of almost 14% year-to-date.

This morning Berenberg raised its target price for the German utility group from 28 euros to 34.5 euros, saying that Germany's deal for coal exit puts renewables "at centre-stage."

In particular, the broker believes that three catalysts in 2020 should help eliminate the 20-30% discount in its renewables business, i.e. (1) the group's investor day on 12 March, (2) the imminent agreement with the German government on coal closures and compensation, and (3) RWE's improving environmental, social and governance (ESG) credentials.

Berenberg has a "buy" rating on the stock.

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