E.ON: Bryan Garnier downgrades 'buy' rating.

(CercleFinance.com) - While inching up its fair value for the E.
On share from 10.5 euros to 11 euros, Bryan Garnier has downgraded its "buy" rating to "neutral", "mainly for valuation and momentum reasons".

"After gaining c. 53% YTD and 25% since our reinitiation at the end of June, E.ON's trading multiples are now clearly back to sector standards," the broker says, adding that its valuation leaves the Engie stock with limited upside potential.

Bryan Garnier underlines that "All eyes will now be on the unveiling of the group's new investment and dividend policies,” although this will only occur in March next year, with few additional catalysts by that date.

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