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Eni: Credit Suisse has cut its view

(CercleFinance.com) - Credit Suisse downgraded its rating on the Eni share from "outperform" to "neutral", saying that it has decided to switch preferences in the European oil and gas sector.

The broker - which has upgraded Equinor from "underperform" to "outperform" - said both Eni and Equinor screen well on valuation grounds, but noted that Equinor "prices in less" than Eni.

Credit Suisse said it now sees less upside in Eni than Equinor.

In afternoon trading on the Italian Stock Exchange, Eni shares were trading up 0.5% higher, at 13.7 euros, albeit underperforming the main stock index, which is up 1.6%.

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