(News Bulletin 247) – Stifel reaffirms its ‘buy’ recommendation on Eni with a price target reduced from 19.1 to 18 euros, mainly due to lower peer multiples, but the target ‘still offering significant upside potential on the market price’.
The broker recalls that Eni’s results exceeded expectations in the first quarter of 2023, and that the group’s management reassured on solid business prospects as well as on attractive shareholder remuneration.
Stifel slightly adjusted its estimates for the Italian oil and gas company in 2023, being more cautious on the upstream side, but improving its expectations on the gas portfolio and LNG trading.
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