Enel re-launched with Buy from Sell at Citi

Citi re-launched coverage of Enel and upgraded the shares to Buy from Sell with a EUR 6.50 price target. The analyst sees profit and cash flow merits to having retail near term and sees signs of another challenging hydro year for European utilities. In the context of rising rates and capex demands, the firm prefers "simplification strategies that focus on improving balance sheets instead of an acquisitive one."