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E.ON: Jefferies downgrades 'buy' rating

( - Jefferies has downgraded its rating on the E.
ON stock from "buy" to "hold," having cut its target price from 11 euros to 10.2 euros, saying that the stock's discount relative to its peers may persist for some time.

Although it still sees the exchange of assets with RWE as the right strategic move to make, the broker is more cautious about E.ON's outlook, pointing to new regulatory risks in Sweden and pressures that are underway at the consumer business.

As a result, the broker has reduced its pro-forma EPS forecasts for 2020 to 2022 by 7%. Based on the forecast for 2020, it believes that the German energy group's share is still trading at a discount of 9% relative to its peers.

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