Jefferies ups Engie to 'buy' on visible earnings outlook
Jefferies upgrades Engie ENGI.PA to "buy" from "hold" based on the French energy group's more "convincing equity story" with visible earnings and manageable overhangs
"Engie's impressive FY24 update compels us to review our downgrade from January," Jefferies says
Engie raised its EBIT guidance for 2025 and set targets until 2027 when it reported annual results in February
The broker highlights Engie's strategy to increase the proportion of contracted/regulated earnings to 63% by 2027, compared to 42% in 2024
It raises Engie's PT by 20% to EUR 20, implying a 20% total shareholder return and positioning the stock at a 20% discount to peers like Endesa ELE.MC and Iberdrola IBE.MC
Out of 21 analysts that cover Engie, 18 rate the stock "strong buy" or "buy" and three "hold"
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