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EDF: Bryan Garnier remains 'neutral' - adjusts target price.

(CercleFinance.com) - Bryan Garnier is maintaining its "neutral" rating on EDF, although has raised its fair value for the share from 9.
5 to 10.5 euros, despite pricing conditions that are deemed to be better for the French electricity group.

The broker recognises that visibility remains low regarding the group's earnings, with EDF having reduced its targets for the production of nuclear energy and/or its forecasts seven times over the past 18 months.

"However, despite being embryonic, recent speculations about a potential split of the company's assets could be a clear positive for EDF as well as for its current shareholders," the broker states.

"Despite the better price environment, our Neutral recommendation remains unchanged on EDF (with a FV increased to EUR10.5) on the back of still poor earnings visibility with the group having revised downwards its nuclear output target and/or guidance seven times over the past 18 months."

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