JPM cuts Engie citing valuation gap to peers now closed
JP Morgan downgrades French utility group Engie ENGIE.PA to "neutral" from "overweight", stating the market now better understands its equity story, closing the valuation gap with peers
It sees the share price outperformance as an opportunity to take profits, maintaining its preference for companies with higher earnings growth
Shares in Engie gained about 46% in value over 2025 and this year so far they have risen by about 16%
JPM expects 2026 to be a trough year for Engie's net income
"Beyond this, we expect mid-single-digit earnings growth in 2027/2028 which, if confirmed, may be seen as disappointing to investors," the broker adds
Out of 23 analysts that cover Engie, 18 rate it "strong buy"/"buy," four "hold" and one "sell" - LSEG data
Engie shares slip 1.4%
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