Eni upgraded at Redburn on free cash flow inflection, ‘differentiated’ growth

As previously reported, Redburn Atlantic upgraded Eni to Buy from Neutral with a EUR 17.30 price target. Eni now offers both a free cash flow inflection and a differentiated growth profile following a “period of heavy inorganic investment,” the analyst tells investors. Guidance for 3%-4% underlying production growth, or 2% net of disposals, is the strongest among the European peer group while total free cash flow will rise from below EUR 1B in 2023 to EUR 5.5B in 2024, the analyst added.