Eni: Berenberg upgrades stock

(CercleFinance.com) - On Wednesday Berenberg upgraded its rating on Eni shares from "hold" to "buy", increasing its corresponding target price from 13.
5 euros to 14 euros.

In its comments, the broker welcomes the official launch of Plenitude, the Italian group's new company that combines its assets in energy distribution and renewable energy.

Berenberg also notes the announcement of a strategic review of its exploration and production subsidiary in Norway, currently called Var Energi, which could also be floated, aiming to create value for shareholders.

The analyst says that all these projects are promising catalysts for a stock that is already trading at a particularly cheap valuation.

The market agrees - the share is currently up 3% at about 12 euros.


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