E.ON: Barclays sees 'major buying opportunity', shares jump
(CercleFinance.com) - E.
ON shares have risen by up to 2.5% on Tuesday after Barclays upgraded the German utility stock to "overweight" from "equal weight", seeing a "major buying opportunity".
Barclays said it perceives a "significant undervaluation" and "overdone negativity" on the stock, which has lost 5% year-to-date.
The broker has set a new target price of 9.5 euros, versus 10 euros previously.
E.ON shares, which are valued at a total of 17.9 billion euros, were trading up 2.2% at 8.4 euros in mid-morning trading in Frankfurt.
Barclays said it has upgraded its view on the European utility sector to "positive" citing its defensive nature.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
ON shares have risen by up to 2.5% on Tuesday after Barclays upgraded the German utility stock to "overweight" from "equal weight", seeing a "major buying opportunity".
Barclays said it perceives a "significant undervaluation" and "overdone negativity" on the stock, which has lost 5% year-to-date.
The broker has set a new target price of 9.5 euros, versus 10 euros previously.
E.ON shares, which are valued at a total of 17.9 billion euros, were trading up 2.2% at 8.4 euros in mid-morning trading in Frankfurt.
Barclays said it has upgraded its view on the European utility sector to "positive" citing its defensive nature.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.