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E.ON: Jefferies downgrades rating

( - Jefferies has downgraded its rating on the E.
ON share on Thursday, now recommending investors "hold" the share, versus "buy" previously, while cutting its corresponding target price from 11 euros to 10 euros.

In comments on the German electricity generator, the broker said, amongst other things, that it feared a drop in demand for energy.

However, its main concern seems to be the group's indebtedness, with Jefferies seeing the net debt/EBITDA ratio exceed the 5x threshold in the medium term, above the target that the group has set.

The US broker adds that the stock has outperformed the market by 24% since October 2019 and that it has now closed the valuation gap relative to its peers, which it believed justified a buy recommendation until now.

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