Equity Analyst

investors information

Equity Analyst

  • Analyst
    Price Target Recommendation Date
  • Axia
    8.30 Buy 08/24/2016
  • Phone number

    +351 21 936 4447

    E-mail

    maria.almaca@axiavg.com
  • Summary of the last report made ​​by this analyst

    Axia initiated coverage with Buy recommendation and price target of €8.30. EDPR’s business model offers growth through the expansion of its installed capacity, focusing mainly in North America and specifically in the US, as the supportive policies for wind park developments are maintained and wind energy is becoming increasingly competitive vs. conventional energy.

  • History of the recommendations
    Price Target Recommendation Date
  • Maria Almaça
    8.30 Buy 08/24/2016
  • Bank of America Merrill Lynch
    7.70 Buy 03/01/2017
  • Phone number

    +44 20 77 748 817

    E-mail

    pinaki.das@baml.com
  • Summary of the last report made ​​by this analyst

    BofAML adjusts its price target to €7.70 from €8.00 on model updates, while maintains its Buy recommendation. EPS was raised based on depreciation accounting changes. According to the broker, underlying changes are modest and growth to 2020 continue to be solid.

  • History of the recommendations
    Price Target Recommendation Date
  • Pinaki Das
    7.70 Buy 03/01/2017
  • Pinaki Das
    8.00 Buy 05/03/2016
  • Pinaki Das
    7.10 Buy 03/09/2015
  • BBVA
    7.80 Outperform 10/30/2017
  • Phone number

    +34 91 537 0550

    E-mail

    daniel.ortea@grupobbva.com
  • Summary of the last report made ​​by this analyst

    BBVA updates EDPR’s valuation and raises price target from €7.25 to €7.80 that is now based on a 30-year asset life (vs 25 years previously). Outperform recommendation is maintained as the broker believes EDPR has a compelling equity story and offers an attractive upside potential.

  • History of the recommendations
    Price Target Recommendation Date
  • Daniel Ortea
    7.80 Outperform 10/30/2017
  • Daniel Ortea
    7.25 Outperform 03/23/2017
  • Daniel Ortea
    7.50 Outperform 12/15/2016
  • Daniel Ortea
    7.50 Outperform 06/20/2016
  • Berenberg
    4.50 Sell 02/07/2017
  • Phone number

    +44 20 320 77887

    E-mail

    lawson.steele@berenberg.com
  • Summary of the last report made ​​by this analyst

    Berenberg decreases its price target from €6.60 to €4.50 and downgrades its recommendation to Sell on the back of rising bond yields, namely analyst view on Portuguese bond yield, and uncertainty over US market. Price target revision also considers change in depreciation policy from 25 to 30 years.

  • History of the recommendations
    Price Target Recommendation Date
  • Lawson Steele
    4.50 Sell 02/07/2017
  • Lawson Steele
    6.60 Hold 02/10/2016
  • Lawson Steele
    5.75 Buy 08/21/2014
  • BPI
    8.00 Buy 03/27/2017
  • Phone number

    +351 22 607 4377

    E-mail

    flora.mericia.trindade@bpi.pt
  • Summary of the last report made ​​by this analyst

    BPI maintains Buy recommendation and decreases price target from €8.15 to €8.00 following updated estimates and assumptions, however, the broker states that the growing competitiveness of wind power and the increased useful life of wind turbines provide sector tailwinds. In addition, EDPR adds to it a clear underperformance vs peers and markets in general, visible growth targets, improving CF generation and enticing benchmark valuations from asset rotation deals.

  • History of the recommendations
    Price Target Recommendation Date
  • Gonzalo Sanchez-Bordoña
    8.00 Buy 03/27/2017
  • Gonzalo Sanchez-Bordoña
    8.15 Buy 01/23/2017
  • Gonzalo Sanchez-Bordoña
    7.80 Buy 11/21/2016
  • Bryan, Garnier & Co
    6.30 Neutral 03/01/2017
  • Phone number

    +33(0) 1 56 68 75 18

    E-mail

    xcaroen@bryangarnier.com
  • Summary of the last report made ​​by this analyst

    Bryan Garnier maintains price target at €6.30 along with Neutral recommendation. The broker considers that caution is necessary given the current lack of visibility on the regulatory and fiscal environment in the US and the high volatility on the group's bottom line.

  • History of the recommendations
    Price Target Recommendation Date
  • Xavier Caroen
    6.30 Neutral 03/01/2017
  • Xavier Caroen
    6.30 Neutral 02/03/2017
  • Xavier Caroen
    7.50 Neutral 04/06/2016
  • Caixa BI
    7.60 Buy 02/28/2017
  • Phone number

    +351 21 313 7300

    E-mail

    helena.barbosa@caixabi.pt
  • Summary of the last report made ​​by this analyst

    Caixa BI maintains price target of €7.60 and Buy recommendation despite the weak FY16 earnings momentum. The analyst considers that EDPR's investment case remains solid with superior growth, high visibility on growth targets and the ongoing delivery of asset rotation transactions.

  • History of the recommendations
    Price Target Recommendation Date
  • Helena Barbosa
    7.60 Buy 02/28/2017
  • Helena Barbosa
    7.60 Buy 01/09/2017
  • Helena Barbosa
    7.70 Buy 07/26/2016
  • Citigroup
    6.85 Neutral 10/31/2017
  • Phone number

    +44-20-7986-7395

    E-mail

    akhil.bhattar@citi.com
  • Summary of the last report made ​​by this analyst

    Citi maintains both Neutral recommendation and price target of €6.85. The broker believes that, despite offering robust growth pipeline compared to other renewables companies in Europe, the declining project IRRs and recent strong share price performance limit further material upside from these levels.

  • History of the recommendations
    Price Target Recommendation Date
  • Akhil Bhattar
    6.85 Neutral 10/31/2017
  • Akhil Bhattar
    6.85 Neutral 10/02/2017
  • Akhil Bhattar
    6.85 Neutral 03/31/2017
  • Akhil Bhattar
    6.50 Neutral 03/01/2017
  • Deutsche Bank
    7.60 Buy 02/27/2017
  • Phone number

    +34 91 335 5898

    E-mail

    virginia.sanz-de-madrid@db.com
  • Summary of the last report made ​​by this analyst

    Deutsche Bank reiterates its Buy rating and the price target of €7.60 on the back of the analyst vision of EDPR as one of the best opportunities to invest in the renewable theme supported by the growth the company will achieve over the next 4 years.

  • History of the recommendations
    Price Target Recommendation Date
  • Virginia Sanz de Madrid
    7.60 Buy 02/27/2017
  • Virginia Sanz de Madrid
    8.00 Buy 05/10/2016
  • Virginia Sanz de Madrid
    8.00 Buy 01/12/2016
  • Exane BNP
    8.00 Overweight 09/20/2017
  • Phone number

    +34 91 114 83 07

    E-mail

    manuel.palomo@exanebnpparibas.com
  • Summary of the last report made ​​by this analyst

    Exane BNP increased price target from €6.8 to €8.0 with recommendation upgraded from Neutral to Overweight mainly due to the growth prospects, that appear robust with high visibility vs. the sector.

  • History of the recommendations
    Price Target Recommendation Date
  • Manuel Palomo
    8.00 Overweight 09/20/2017
  • Manuel Palomo
    6.80 Neutral 07/18/2017
  • Manuel Palomo
    6.40 Neutral 03/20/2017
  • Goldman Sachs
    7.40 Neutral 07/06/2017
  • Phone number

    +44 20 777 48817

    E-mail

    manuel.losa@gs.com
  • Summary of the last report made ​​by this analyst

    Goldman Sachs revised price target upwards to €7.40, with Neutral recommendation unchanged. Price revision reflects the valuation roll-forward to 2018 earnings.

  • History of the recommendations
    Price Target Recommendation Date
  • Manuel Losa
    7.40 Neutral 07/06/2017
  • Manuel Losa
    7.10 Neutral 04/12/2017
  • Manuel Losa
    6.00 Neutral 03/15/2017
  • Grupo CIMD
    7.50 Neutral 10/09/2017
  • Phone number

    +351 211 201 342

    E-mail

    aseladas@grupocimd.com
  • Summary of the last report made ​​by this analyst

    Grupo CIMD updates price target to €7.50 from €6.60 with recommendation upgraded to Neutral from Reduce. The Year-end rollover added €50 cents; the change in P&L estimates added €15 cents, while the change at the Balance Sheet level contributed positively with €15 cents. The inclusion of UK offshore farm added €10 cents.

  • History of the recommendations
    Price Target Recommendation Date
  • António Seladas
    7.50 Neutral 10/09/2017
  • António Seladas
    6.60 Reduce 09/05/2017
  • António Seladas
    6.60 Reduce 07/12/2017
  • Haitong
    6.75 Neutral 07/24/2017
  • Phone number

    +351 213 302 276

    E-mail

    Jorge.Guimaraes@haitongib.com
  • Summary of the last report made ​​by this analyst

    Haitong maintains Buy recommendation on EDPR, and adjusts price target from €7.90 to €6.75 in order to reflect the price offered by EDP in the tender offer.

  • History of the recommendations
    Price Target Recommendation Date
  • Jorge Guimarães
    6.75 Neutral 07/24/2017
  • Jorge Guimarães
    7.90 Buy 03/07/2017
  • Jorge Guimarães
    8.00 Buy 01/12/2017
  • HSBC
    7.80 Buy 11/06/2017
  • Phone number

    +34 91 456 6240

    E-mail

    pablo.cuadrado@hsbc.com
  • Summary of the last report made ​​by this analyst

    HSBC increases price target from €7.50 to €7.80 and maintains Buy recommendation as the firm believes the stock offers sector leading earnings growth underpinned by solid growth in the renewables sector, improved cash flow generation and solid valuation appeal looking at capacity or CF yield metrics.

  • History of the recommendations
    Price Target Recommendation Date
  • Pablo Cuadrado
    7.80 Buy 11/06/2017
  • Pablo Cuadrado
    7.50 Buy 01/25/2017
  • Pablo Cuadrado
    7.70 Buy 05/27/2016
  • Pablo Cuadrado
    7.50 Buy 02/08/2016
  • JB Capital
    8.00 Neutral 10/25/2017
  • Phone number

    +34 91 794 05 34

    E-mail

    jmartinssoares@jbcm.com
  • Summary of the last report made ​​by this analyst

    JB Capital Markets updates EDPR’s valuation to 2018, adding the new UK offshore wind project and updating the exchange rates and remuneration in Poland. All things considered, price target remains at €8.0 and Neutral recommendation is unchanged.

  • History of the recommendations
    Price Target Recommendation Date
  • José Martins Soares
    8.00 Neutral 10/25/2017
  • José Martins Soares
    8.00 Neutral 07/06/2017
  • José Martins Soares
    8.00 Buy 05/04/2017
  • JP Morgan
    7.80 Overweight 11/01/2017
  • Phone number

    +34 91 516 1557

    E-mail

    javier.x.garrido@jpmorgan.com
  • Summary of the last report made ​​by this analyst

    JP Morgan increases price target from €6.70 to €7.80 after a model update to reflect quarterly results, while maintains Overweight recommendation as they see EDPR as the only proposition in Iberia that combines positive earnings momentum, limited regulatory risk and clear medium term growth prospects.

  • History of the recommendations
    Price Target Recommendation Date
  • Javier Garrido
    7.80 Overweight 11/01/2017
  • Javier Garrido
    6.70 Overweight 12/20/2016
  • Javier Garrido
    6.50 Overweight 02/16/2015
  • Javier Garrido
    5.30 Overweight 03/28/2014
  • Kepler Cheuvreux
    7.80 Buy 08/24/2017
  • Phone number

    +34 914 36 5113

    E-mail

    jporta@keplercheuvreux.com
  • Summary of the last report made ​​by this analyst

    Kepler Cheuvreux increases price target from €7.6 to €7.8 due to: 1) on the negative side, the impact of the lower US dollar; 2) on the positive side, the fine-tuning of net debt and tax equity liabilities, and a moderate reduction in the average WACCs (mainly in Portugal and rest of Europe - unchanged in Spain and the US).

  • History of the recommendations
    Price Target Recommendation Date
  • Jose Porta
    7.80 Buy 08/24/2017
  • Jose Porta
    7.60 Buy 07/12/2017
  • Jose Porta
    7.70 Buy 03/01/2017
  • Macquarie
    6.75 Neutral 07/06/2017
  • Phone number

    +44 20 3037 4232

    E-mail

    jose.ruiz@macquarie.com
  • Summary of the last report made ​​by this analyst

    Macquarie adjusts price target to €6.75 from €5.90 after the Portuguese stock market watchdog approved the offer for EDPR minorities. Recommendation remains unchanged at Neutral.

  • History of the recommendations
    Price Target Recommendation Date
  • José Ruiz
    6.75 Neutral 07/06/2017
  • José Ruiz
    5.90 Neutral 03/01/2017
  • José Ruiz
    5.90 Neutral 12/14/2016
  • Morgan Stanley
    8.10 Equal-weight 10/31/2017
  • Phone number

    +44 20 7677 7167

    E-mail

    carolina.dores@morganstanley.com
  • Summary of the last report made ​​by this analyst

    Morgan Stanley increases price target from €6.75 to €8.10 and maintains Equal-weight recommendation as, while they see strong value to EDPR and potential to trade towards their bull case of €10.50 (in line with renewables' M&A valuation), the firm believes limited liquidity and uncertainty around the EDPR target capital structure and future capex plan could be an overhang.

  • History of the recommendations
    Price Target Recommendation Date
  • Carolina Dores
    8.10 Equal-weight 10/31/2017
  • Carolina Dores
    6.75 Equal-weight 07/10/2017
  • Carolina Dores
    8.10 Overweight 03/14/2017
  • Carolina Dores
    8.00 Overweight 11/04/2016
  • Natixis
    6.90 Neutral 03/01/2017
  • Phone number

    +33 15 855 0516

    E-mail

    philippe.ourpatian@sec.natixis.com
  • Summary of the last report made ​​by this analyst

    Natixis maintains Neutral recommendation and the price target of €6.90, following the presentation of the 2016 results, which were globally in line with the firm’s expectations at operating level, but missed expectations as regards net attributable profit. Price target obtained using the DCF valuation method.

  • History of the recommendations
    Price Target Recommendation Date
  • Philippe Ourpatian
    6.90 Neutral 03/01/2017
  • Philippe Ourpatian
    6.90 Neutral 07/27/2016
  • Philippe Ourpatian
    6.40 Neutral 02/25/2016
  • Sabadell
    8.20 Buy 02/27/2017
  • Phone number

    +34 91 782 9146

    E-mail

    echevarriaf@bancsabadell.com
  • Summary of the last report made ​​by this analyst

  • History of the recommendations
    Price Target Recommendation Date
  • Felipe Echevarría
    8.20 Buy 02/27/2017
  • Felipe Echevarría
    8.20 Buy 10/10/2016
  • Felipe Echevarría
    7.90 Buy 06/30/2016
  • Santander
    7.70 Buy 03/27/2017
  • Phone number

    +34 91 289 3346

    E-mail

    bmugiro@gruposantander.com
  • Summary of the last report made ​​by this analyst

    Santander decreases price target from €7.8 to €7.7 maintaining Buy recommendation. The broker believes EDPR’s long-term outperformance is justified by its excellent assets, which are young, have above-standard load and availability factors and little exposure to merchant prices; moreover, it is in one of the few segments of the electricity business with growth prospects and it is not affected by the technological disruption; in addition its strategic plan looks reasonable and achievable.

  • History of the recommendations
    Price Target Recommendation Date
  • Bosco Mugiro
    7.70 Buy 03/27/2017
  • Bosco Mugiro
    7.80 Buy 05/26/2016
  • Bosco Mugiro
    6.50 Buy 09/12/2014
  • Société Générale
    7.40 Hold 10/31/2017
  • Phone number

    +34 91 589 3913

    E-mail

    jorge.alonso@sgcib.com
  • Summary of the last report made ​​by this analyst

    Societe Generale upgrades price target from €7.15 to €7.40 and maintains Hold recommendation considering 9M17 results. While the firm recognize the attractive earnings growth, it believes the positives are priced in and some uncertainty persists in the sector.

  • History of the recommendations
    Price Target Recommendation Date
  • Jorge Alonso
    7.40 Hold 10/31/2017
  • Jorge Alonso
    7.15 Hold 09/12/2017
  • Jorge Alonso
    6.30 Hold 01/19/2017
  • Jorge Alonso
    7.00 Hold 11/04/2016
  • UBS
    8.00 Buy 02/28/2017
  • Phone number

    +44 20 7567 0716

    E-mail

    rui.dias@ubs.com
  • Summary of the last report made ​​by this analyst

    UBS reiterates its Buy rating, owing to the dynamic value-accretive growth, the large, unwarranted discount to fair value and the scarcity value brought to the stock which is now a seemingly unique investment proposition in Europe. Its price target is unchanged at €8.00 and is derived from a DCF on existing asset base.

  • History of the recommendations
    Price Target Recommendation Date
  • Hugo Liebaert
    8.00 Buy 02/28/2017
  • Hugo Liebaert
    8.00 Buy 01/19/2017
  • Hugo Liebaert
    9.00 Buy 10/18/2016