Axia increased the price target to €8.00 and maintains Neutral recommendation. The broker updated its estimates based on EDPR’s results as well as updated assumptions on installed capacity.
The broker increased the price target from €7.70 to €9.00 with a Buy recommendation, highlighting the steady and diversified growth with an undemanding valuation.
BBVA decreased price target from €8.00 to €7.72 based on a limited impact from the Spanish regulatory change. The broker believes EDPR’s growth profile remains attractive and maintains its Outperform recommendation.
After a model refresh the broker increased the price target from €4.50 to €8.00 with a recommendation from Sell to Hold. The broker highlights the value of the existing portfolio and the immediate pipeline with quasi-regulated cash flows.
BPI increased price target from €8.00 to €8.10 based on improved operational performance, lower financial cost on the back of USD depreciation and a lower US tax rate. The broker maintains its Neutral recommendation due to limited stock liquidity and questionable visibility post-2020.
The broker increased the price target from €6.30 to €6.90 and maintains Neutral recommendation.
Caixa BI decreases EDPR´s price target to €7.10 from €7.60 and downgrades its recommendation to Neutral. The analyst believes EDPR´s investment case remains solid and unchanged with interesting growth options. However, it highlights that market’s liquidity has decreased significantly and company’s fundamentals has lost importance.
The broker increased the price target from €6.85 to €7.90 and maintains Neutral recommendation after adjusting asset valuation and decreased capital cost expectations. The broker believes that limited merchant exposure, strong earnings growth and a potential M&A premium are factored in the current share price.
Deutsche Bank increases EDPR´s target price from €7.80 to €8.20 while maintains Buy recommendation on the view that EDPR’s shares are trading cheap along with the new targeted opportunities with offshore wind and solar pv ex-US.
Exane BNP increased the price target from €8.00 to €8.10 with Neutral recommendation. The broker updated its estimates following EDPR’s results and highlights the above-average growth and strong cash generation.
Goldman Sachs increased price target from €7.40 to €7.60 to reflect a new power price scenario of €46/MWh on average (vs. €43 previously on average).
Grupo CIMD decreased price target from €7.50 to €7.45 and maintains its Neutral recommendation. The broker updated its estimates based on EDPR’s operational numbers as well as regulatory changes in Europe and North America.
Haitong maintains price target at €8.00 and reduced recommendation from Buy to Neutral due to lower upside to price target relative to current share price.
Following a model updated, the broker increased the price target from €7.80 to €8.20 and maintains Overweight recommendation. The price increase benefits from higher long-term growth linked to recent PPAs announced in the US market, which more than offset expiring US PTCs.
The broker raised the price target from €7.80 to €8.40 and highlights the potential upside from growth acceleration as well as potential M&A developments.
Following the tender offer by CTG, the broker increased its price target from €7.05 to €7.90 and maintains Neutral recommendation.
Mediobanca initiates coverage with €8.30 price target and Neutral recommendation. While the broker highlights the visible growth profile with low exposure to market fluctuations in stable markets, the firm sees returns for new assets under pressure and low liquidity as a risk factor.
Morgan Stanley maintains its €8.00 price target and Equal-weight recommendation following the 1Q18 results release. The broker highlights the reassuring business plan execution of EDPR and the growth opportunities post 2020.
Natixis increased the price target from €6.90 to €7.00 and maintains Neutral recommendation. The broker updated its estimates based on EDPR’s annual results as well as new market developments in Europe.
The broker updated its estimates following 1Q18 results and the announced takeover bid, increasing the price target from €7.70 to €8.04 while downgrading the recommendation from Buy to Hold. The broker highlights the valuation from the current business plan and excludes potential projects post 2020 from its valuation.
Societe Generale increased its price target from €7.50 to €8.00 and maintains Hold recommendation. While the broker highlights the positive 1Q18 results and similar outlook for the full year, it believes visibility beyond 2020 is needed.
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.
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.