Uniper: stock slumps on broker downgrades and slashed TP

(CercleFinance.com) - Credit Suisse has downgraded its rating on Uniper shares to "underperform" with a new price target of just four euros (from 24.
6 euros), in a note on the German energy company and its Finnish parent Fortum.

"Given the risk of a further curtailment of gas deliveries from Gazprom and the current commodity market environment (leading to margining requirements), we expect the share price to remain volatile," it warns.

Credit Suisse adds that Uniper's rescue package, as announced in July and the details of which are still being discussed, "implies a substantial discount to the reference share price (31% average discount, on our estimates").

Par for the cause - the share is currently down 7% at 4.4 euros.


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