(News Bulletin 247) – Berenberg announced on Thursday that it had raised its price target on Engie, raised from 15.5 to 17 euros, while reiterating its buy recommendation on the stock.
In a research note released in the morning, the analyst believes that the energy group is now running ‘at full speed’ thanks to the stability of its network, its growth in renewable energies and the improvement in the performance of its energy management and sales division (GEMS).
“Despite this, the stock continues to look undervalued, as the sector recovers from lows linked to the 2022 energy crisis,” he adds.
In his study, Berenberg says he has increased his earnings forecasts for the 2023-2025 period by around 24%, which puts him in line with the group’s objectives and leads him to revise his price target upwards.
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