RWE: good re-entry point for Oddo BHF
(CercleFinance.com) - While adjusting its target price for RWE shares from E52 to E50, Oddo BHF reiterates its "outperform" rating on them, believing that current levels are conducive to a comeback and deeming the share too cheap to be ignored.
The broker points out that the German energy group's share price has fallen from a 30% premium to its index to a 17% discount, with an acceleration since September and the setbacks in offshore wind energy in the US.
Noting RWE's sluggish stockmarket performance (excluding dividends), the broker considers that the period ahead and the need for massive investment are typically the ideal cocktail for long-term value creation.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The broker points out that the German energy group's share price has fallen from a 30% premium to its index to a 17% discount, with an acceleration since September and the setbacks in offshore wind energy in the US.
Noting RWE's sluggish stockmarket performance (excluding dividends), the broker considers that the period ahead and the need for massive investment are typically the ideal cocktail for long-term value creation.
Copyright (c) 2023 CercleFinance.com. All rights reserved.