Goldman Sachs Adds ENI (E) to CL-Buy List (Earlier)

Goldman Sachs earlier upgraded ENI (NYSE: E) from Neutral to Conviction Buy.

Analyst Michele della Vigna said, "We upgrade ENI to Buy (from Neutral) and add it to the Conviction List based on: (1) a superior portfolio of new project start-ups. We expect an increase in cash flow of US$6 bn from 17 new field start-ups over the next five years; (2) continuing industry-leading exploration success, which we estimate has created US$21 bn of value over the past six years; (3) a continuation of the successful disposal programme accelerated by current management; and (4) an attractive dividend yield (6.0% for 2014-16E) in a low rate environment."

For an analyst ratings summary and ratings history on ENI click here. For more ratings news on ENI click here.

Shares of ENI closed at $49.86 yesterday.

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