Engie: Deutsche Bank raises target slightly

(CercleFinance.com) - On Monday, Deutsche Bank raised its target price for Engie from 16 to 16.
5 euros, while renewing its buy recommendation on the stock.

While it has held a "neutral" overall opinion on the utilities sector since the start of the year, the intermediary now takes a more positive view.

He explains that the earnings dip that was supposed to occur as a result of falling electricity prices has not materialized, allowing the sector to stand out in terms of valuation.

Over a two-year horizon, the sector's P/E is at a 7% discount to the rest of the market, notes the intermediary, who points out that such a phenomenon has occurred only 1.4% of the time over the 2010-2023 interval.

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