EDP: Morgan Stanley downgrades to 'equal weight'.
(CercleFinance.com) - Morgan Stanley downgrades Energias de Portugal (EDP) to "equal weight" from "overweight" and cuts its target price to 3.
4 euros from 3.5 euros.
The brokerage says the stock has had a total return of 18% year-to-date, ahead of its local market and the utilities sector, despite likely negative catalysts ahead.
"Going forward, we think risks on regulation are rising, and unfavourable weather poses 2017 earnings risk," Morgan Stanley explains.
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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.
4 euros from 3.5 euros.
The brokerage says the stock has had a total return of 18% year-to-date, ahead of its local market and the utilities sector, despite likely negative catalysts ahead.
"Going forward, we think risks on regulation are rising, and unfavourable weather poses 2017 earnings risk," Morgan Stanley explains.
Copyright (c) 2017 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.