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EDF: Oddo confirms rating after sale of Edison E&P

( - Edison, an Italian subsidiary of EDF, has announced the signing of an agreement for the sale of Edison Exploration and Production (E&P) to Energean Oil and Gas.

This sale will be made at an estimated price of 1 billion dollars, including a price supplement.

Following this announcement, Oddo confirms its buy rating on the EDF share, maintaining its target price at 16.50 euros.

Oddo says that Edison's E&P portfolio is focused on the Mediterranean, essentially consisting of gas fields.

An asset write-down of 400 million to 500 million euros at the group level is expected, which would result in a fair value adjustment of -0.15 euro per EDF share, the broker adds.

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