Equity Analyst

investors information

Equity Analyst

  • Analyst
    Price Target Recommendation Date
  • Axia
    8.00 Neutral 11/08/2017

  • Phone number

    +351 21 936 4447

    E-mail

    maria.almaca@axiavg.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Maria Almaça
    8.00 Neutral 11/08/2017
  • Maria Almaça
    8.30 Buy 08/24/2016
  • Bank of America Merrill Lynch
    9.00 Buy 04/23/2018

  • Phone number

    +44 20 77 748 817

    E-mail

    pinaki.das@baml.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Pinaki Das
    9.00 Buy 04/23/2018
  • Pinaki Das
    7.70 Buy 03/01/2017
  • Pinaki Das
    8.00 Buy 05/03/2016
  • BBVA
    7.72 Outperform 02/05/2018

  • Phone number

    +34 91 537 0550

    E-mail

    daniel.ortea@grupobbva.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Daniel Ortea
    7.72 Outperform 02/05/2018
  • Daniel Ortea
    7.80 Outperform 10/30/2017
  • Daniel Ortea
    7.25 Outperform 03/23/2017
  • Berenberg
    8.00 Hold 04/17/2018

  • Phone number

    +44 20 320 77887

    E-mail

    lawson.steele@berenberg.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Lawson Steele
    8.00 Hold 04/17/2018
  • Lawson Steele
    4.50 Sell 02/07/2017
  • Lawson Steele
    6.60 Hold 02/10/2016
  • BPI
    8.10 Neutral 02/01/2018

  • Phone number

    +34 913289852

    E-mail

    gonzalo.sanchez.bordona@bpi.pt

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Gonzalo Sanchez-Bordoña
    8.10 Neutral 02/01/2018
  • Flora Trindade
    8.00 Neutral 03/31/2017
  • Flora Trindade
    8.00 Buy 03/27/2017
  • Bryan, Garnier & Co
    7.50 Neutral 05/23/2018

  • Phone number

    +33(0) 1 56 68 75 06

    E-mail

    pachazal@bryangarnier.com

  • Summary of the last report made ​​by this analyst

    The broker updated its estimates, increasing earnings estimates until 2020 and highlighting the lower cost of debt and the solid growth track record. The broker increased the price target from €6.90 to €7.50 and maintains Neutral recommendation.

  • History of the recommendations
    Price Target Recommendation Date
  • Pierre-Antoine Chazal
    7.50 Neutral 05/23/2018
  • Pierre-Antoine Chazal
    6.90 Neutral 02/27/2018
  • Xavier Caroen
    6.30 Neutral 03/01/2017
  • Caixa BI
    7.10 Neutral 01/04/2018

  • Phone number

    +351 21 313 7300

    E-mail

    helena.barbosa@caixabi.pt

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Helena Barbosa
    7.10 Neutral 01/04/2018
  • Helena Barbosa
    7.60 Buy 02/28/2017
  • Helena Barbosa
    7.60 Buy 01/09/2017
  • Citigroup
    7.90 Neutral 05/03/2018

  • Phone number

    +44-20-7986-7395

    E-mail

    akhil.bhattar@citi.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Akhil Bhattar
    7.90 Neutral 05/03/2018
  • Akhil Bhattar
    6.85 Neutral 10/31/2017
  • Akhil Bhattar
    6.85 Neutral 10/02/2017
  • Deutsche Bank
    8.30 Hold 06/22/2018

  • Phone number

    +34 91 335 5898

    E-mail

    virginia.sanz-de-madrid@db.com

  • Summary of the last report made ​​by this analyst

    The broker updated its estimates for EDPR, increasing the price target from €8.20 to €8.30 while downgrading the recommendation from Buy to Hold following the recent share price development.

  • History of the recommendations
    Price Target Recommendation Date
  • Virginia Sanz de Madrid
    8.30 Hold 06/22/2018
  • Virginia Sanz de Madrid
    8.20 Buy 12/14/2017
  • Virginia Sanz de Madrid
    8.00 Buy 05/10/2016
  • Exane BNP
    8.10 Neutral 05/10/2018

  • 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 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.

  • History of the recommendations
    Price Target Recommendation Date
  • Manuel Palomo
    8.10 Neutral 05/10/2018
  • Manuel Palomo
    8.00 Overweight 09/20/2017
  • Manuel Palomo
    6.80 Neutral 07/18/2017
  • Goldman Sachs
    7.60 Neutral 01/12/2018

  • Phone number

    +44 20 777 48817

    E-mail

    manuel.losa@gs.com

  • Summary of the last report made ​​by this analyst

    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).

  • History of the recommendations
    Price Target Recommendation Date
  • Manuel Losa
    7.60 Neutral 01/12/2018
  • Manuel Losa
    7.40 Neutral 07/06/2017
  • Manuel Losa
    7.10 Neutral 04/12/2017
  • Grupo CIMD
    7.45 Neutral 02/07/2018

  • Phone number

    +351 211 201 342

    E-mail

    aseladas@grupocimd.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • António Seladas
    7.45 Neutral 02/07/2018
  • António Seladas
    7.50 Neutral 10/09/2017
  • António Seladas
    6.60 Reduce 09/05/2017
  • Haitong
    8.00 Neutral 05/14/2018

  • Phone number

    +351 213 302 276

    E-mail

    Jorge.Guimaraes@haitongib.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Jorge Guimarães
    8.00 Neutral 05/14/2018
  • Jorge Guimarães
    8.00 Buy 02/06/2018
  • Jorge Guimarães
    6.75 Neutral 07/24/2017
  • JP Morgan
    8.20 Overweight 05/14/2018

  • Phone number

    +34 91 516 1557

    E-mail

    javier.x.garrido@jpmorgan.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Javier Garrido
    8.20 Overweight 05/14/2018
  • Javier Garrido
    7.80 Overweight 11/01/2017
  • Javier Garrido
    6.70 Overweight 12/20/2016
  • Kepler Cheuvreux
    8.40 Buy 04/13/2018

  • Phone number

    +34 914 36 5113

    E-mail

    jporta@keplercheuvreux.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Jose Porta
    8.40 Buy 04/13/2018
  • Jose Porta
    7.80 Buy 01/02/2018
  • Jose Porta
    7.80 Buy 08/24/2017
  • Macquarie
    7.90 Neutral 05/14/2018

  • Phone number

    +44 20 3037 4232

    E-mail

    jose.ruiz@macquarie.com

  • Summary of the last report made ​​by this analyst

    Following the tender offer by CTG, the broker increased its price target from €7.05 to €7.90 and maintains Neutral recommendation.

  • History of the recommendations
    Price Target Recommendation Date
  • José Ruiz
    7.90 Neutral 05/14/2018
  • José Ruiz
    7.05 Neutral 03/28/2018
  • José Ruiz
    6.75 Neutral 07/06/2017
  • Mediobanca
    8.30 Neutral 05/03/2018

  • Phone number

    +39 02 8829 295

    E-mail

    Sara.Piccinini@mediobanca.com

    Analyst since

    05/24/2018

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Sara Piccinini
    8.30 Neutral 05/03/2018
  • Morgan Stanley
    8.00 Equal-weight 05/09/2018

  • Phone number

    +44 20 7677 7167

    E-mail

    carolina.dores@morganstanley.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Carolina Dores
    8.00 Equal-weight 05/09/2018
  • Carolina Dores
    8.00 Equal-weight 02/27/2018
  • Carolina Dores
    8.10 Equal-weight 10/31/2017
  • Natixis
    7.00 Neutral 04/12/2018

  • Phone number

    +33 15 855 0516

    E-mail

    philippe.ourpatian@sec.natixis.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Philippe Ourpatian
    7.00 Neutral 04/12/2018
  • Philippe Ourpatian
    6.90 Neutral 03/01/2017
  • Philippe Ourpatian
    6.90 Neutral 07/27/2016
  • Santander
    8.04 Hold 05/14/2018

  • Phone number

    +34 91 289 3346

    E-mail

    bmugiro@gruposantander.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Bosco Mugiro
    8.04 Hold 05/14/2018
  • Bosco Mugiro
    7.70 Buy 03/27/2017
  • Bosco Mugiro
    7.80 Buy 05/26/2016
  • Société Générale
    8.00 Hold 05/09/2018

  • Phone number

    +34 91 589 3913

    E-mail

    jorge.alonso@sgcib.com

  • Summary of the last report made ​​by this analyst

    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.

  • History of the recommendations
    Price Target Recommendation Date
  • Jorge Alonso
    8.00 Hold 05/09/2018
  • Jorge Alonso
    7.50 Hold 02/28/2018
  • Jorge Alonso
    7.40 Hold 10/31/2017
  • UBS
    10.00 Buy 06/26/2018

  • Phone number

    +44 20 7567 0716

    E-mail

    rui.dias@ubs.com

  • Summary of the last report made ​​by this analyst

    The broker updated its estimates, including future growth of capacity secured or under construction and better than expected wind factors. The broker increased the price target from €8.00 to €10.00 and maintains Buy recommendation.

  • History of the recommendations
    Price Target Recommendation Date
  • Rui Dias
    10.00 Buy 06/26/2018
  • Rui Dias
    8.00 Buy 05/09/2018
  • Hugo Liebaert
    8.00 Buy 02/28/2017
  • 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