RWE: Oddo still a buyer, raises target price

(CercleFinance.com) - Oddo BHF reaffirms its "buy" rating on the RWE share, while raising its associated target price from 30 euros to 37 euros, the day after the German energy group published H1 results that are in line with the broker's expectations.


The latter believes that the acquisition of the Nordex pipeline will accelerate RWE's growth, which leads it to raise its earnings estimates for 2021-24. As a result, it has raised its 2024 EPS estimates by 1.4%.

This additional growth is expected to support a further increase in valuation multiples for RWE's renewable segment, the analyst added, explaining that the group should be able to continue to report accelerated growth in the renewables segment.


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