RWE: Berenberg raises target price

(CercleFinance.com) - German broker Berenberg has raised its target price for German utility RWE from 26 euros to 28.
50 euros, saying that its "metamorphosis" in renewables remains "undervalued."

"RWE is about to become a leading global renewables business with experience, growth prospects and a balance sheet to match," the German broker wrote in a note to investors.

"However, despite its sector-leading share price performance this year, RWE still sits on an unjustifiably low (post-nuclear) 2023 P/E and a 10% discount to the utilities sector," it said.

Berenberg reiterated its "buy" rating on the share.

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