Enel: Morgan Stanley raises target price.

(CercleFinance.com) - Morgan Stanley reiterates its "overweight" stance on Enel, raising its target price from 4.
50 euros to 4.80 euros, saying the Italian utility's potential is not yet priced in.

While acknowledging that the stock's recent re-rating has resulted in some multiple expansion, analysts point out that Enel's valuation is still trading at over a 13% discount relative to peers in 2018.

Seeing concerns on sustainability of retail margins as "overdone," Morgan Stanley expects delivery on targets to drive further expansion in multiples.

Copyright (c) 2017 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.