(News Bulletin 247) – While adjusting its price target from 17.5 to 17 euros on Eni, Barclays reaffirms its ‘overweight’ recommendation, returning to a recent investor day (CMD) for the Italian oil and gas company.
“An upstream business that is growing faster than its peers, a greatly improved gas division and a growing biofuels business taking advantage of advantageous raw materials from Africa have all been highlights,” he points out.
“Granted, capital expenditure is higher than we thought, but so is operating cash flow and we continue to see potential for dividend repricing,” the broker adds.
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