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RWE: Credit Suisse raises estimates

( - Credit Suisse has raised its target price for RWE shares to 47 euros (from 44.
5 euros) and has confirmed its Outperform recommendation on the stock.

Analysts say that RWE is one of their best picks in the sector as they believe that the stock offers the best combination of earnings upside on electricity prices and geographic diversification (generation capacity is split between the US (1/4), the UK (c 1/3), with the remainder mainly in Europe), which limits the impact of adverse political intervention.

The analyst has raised his 2022e EBITDA estimate by 42% to 6.04 billion euros, above the company's guidance range of 5.0-5.5 billion euros.

By December, the short and medium-term measures in the UK and Germany, key markets for RWE, should be clarified. The recent agreement in the US gives RWE the opportunity to diversify its growth - not only geographically but also technologically, Credit Suisse adds.

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