Eni: Credit Suisse upgrades stock
(CercleFinance.com) - Credit Suisse said on Monday that it has upgraded its rating on Eni shares to "neutral" from "underperform" in a sector study in which the broker said it is "cautiously optimistic" about European oil majors.
In its comments, the broker explains that it has raised its forecast for Brent crude oil for 2021 from 60 dollars to 66 dollars per barrel, with oil demand expected to return to pre-pandemic levels in the second half of 2022.
These forecasts have led the broker to raise its estimates for Eni Gas & Power, the Italian group's gas, electricity and energy services, in addition to raising its target price for the share, alongside a rating upgrade.
Eni shares are up about 0.3% on Monday, slightly underperforming the Milan general index (+0.5% at noon).
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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.
In its comments, the broker explains that it has raised its forecast for Brent crude oil for 2021 from 60 dollars to 66 dollars per barrel, with oil demand expected to return to pre-pandemic levels in the second half of 2022.
These forecasts have led the broker to raise its estimates for Eni Gas & Power, the Italian group's gas, electricity and energy services, in addition to raising its target price for the share, alongside a rating upgrade.
Eni shares are up about 0.3% on Monday, slightly underperforming the Milan general index (+0.5% at noon).
Copyright (c) 2021 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.