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Neoen: Barclays downgrades stock

( - On Monday, Barclays downgraded its recommendation on Neoen shares from 'overweight' to 'equal weight', with a new target price of E39.
85, following Brookfield's takeover bid.

In a note, the broker supports its downgrade by saying that investors should take profits following the 24% YTD rise in the share price.

By way of comparison, it points out, the European sector index, the STOXX Europe 600 Utilities, performed perfectly flat over the same period.

The broker also considers that the acquisition is based on high valuation multiples, in this case Enterprise Value/Ebitda ratios of 18x and 14x respectively for 2024 and 2025.

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