Nomura Securities Maintains a 'Buy' on ENI (E); Moving Toward a Transformed ENI

Nomura Securities maintains a 'Buy' on ENI (NYSE: E) price target EUR21.00.

Analyst, Theepan Jothilingam, said, "Given that an Italian government decree on the sale of Snam is expected shortly, we believe it is appropriate to look at the financials of ENI ex-Snam. Thus, in the note, we published estimates ex-Snam and also incorporate the sale of the first 5% of Galp to Amorim which, all together, lead to a c.7% fall in earnings across 2013-14. This should support our view that ENI is transitioning from a European-biased gas conglomerate to a global upstream operator offering a competitive growth and returns profile and trading at 4.2x ‘13e EV/DACF, a 9% discount to the sector."

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 $40.29 yesterday.

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