Engie: Morgan Stanley downgrades stock
(CercleFinance.com) - An analyst at Morgan Stanley today announced downgrading the Engie stock to "equal weight" (i.
e. a "neutral" recommendation) from "overweight" previously, saying that he does not believe that the company will be able to outperform its sector.
"Engie's greater business cyclicality than peers makes it less defensive in volatile markets. Also, in a market rebound we expect investors to focus on the previous top performers, which Engie had previously lagged," the broker said.
Alongside this downgrade, Morgan Stanley has cut its corresponding target price at 13.80 euros, against 17.70 euros previously.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
e. a "neutral" recommendation) from "overweight" previously, saying that he does not believe that the company will be able to outperform its sector.
"Engie's greater business cyclicality than peers makes it less defensive in volatile markets. Also, in a market rebound we expect investors to focus on the previous top performers, which Engie had previously lagged," the broker said.
Alongside this downgrade, Morgan Stanley has cut its corresponding target price at 13.80 euros, against 17.70 euros previously.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.