Deutsche Bank Upgrades ENI (E) to Buy
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Deutsche Bank upgraded ENI (NYSE: E) from Hold to Buy.
Analyst Lucas Herrmann said, "Despite clarity of strategy ENI's YTD price performance has very clearly lagged, the shares rising just 3% in $ terms against 16% for the Euro IOCs as a whole. In part relative performance has no doubt been weighed down by domestic Italian issues. Equally, however, we believe it has suffered in the face of project and divestment newsflow that has fallen short of the market's initial hopes. Ahead of Italy's 4th December referendum political uncertainty clearly remains. Yet, with the shares now yielding over 6% (CASH), EPS expectations lowered, key projects on stream or ramping and divestment timelines potentially narrowing, valuation and the risk/reward balance attract."
Shares of ENI closed at $28.94 yesterday.
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