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Eni: RBC cuts target price, but sees upside.

(CercleFinance.com) - RBC Capital Markets maintains an "outperform" rating on Italy's Eni, although has cut its target price on the stock from 16 euros to 15 euros, saying that the oil major's third-quarter results have been "another missed opportunity.
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The brokerage firm believes investor sentiment will remain negative after the report came as "another unhelpful reminder" of the group's cash flow volatility.

RBC says it still sees greater upside at Eni than most peers.

"With a higher oil price and potentially lower refining margins going forward, Eni should see much improved momentum relative to the group," it said.

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