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E.ON: shares climb, Barclays says 'top pick'

( - E.
ON shares are currently up 1.3% at 10.3 euros as Barclays names the German company as its new "top pick" across European utilities, replacing Portugal's EDP.

"In our view, investors are overlooking the significant EPS and DPS accretion possible from cost-cutting and higher growth capex in power distribution," say analysts at Barclays.

"E.ON continues to trade at a considerable discount to regulated peers, which we believe is unjustified, with too wide a spread between its future dividend yield and bund yields," they add.

The broker - which has an "overweight" rating on the stock - has increased its target price from 10 euros to 13 euros.

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