Enel: Barclays still a buyer, but cuts TP

(CercleFinance.com) - Barclays reinstates its "overweight" rating on Enel shares, although has cut its target price by 17.
6% to seven euros to reflect a higher weighted average cost of capital (WACC) of 7% for the Italian electricity company (compared with 6.1% previously).

After 9m figures that are in line with the broker's expectations, it has raised its average cost of debt assumptions for 2022-24, reflecting the current high interest rate scenario, resulting in its EPS forecasts falling by an average of 5%.

Enel shares are up almost 3% at about 4.7 euros this afternoon.


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