Eni upgraded to Outperform from Sector Perform at RBC Capital

RBC Capital upgraded Eni to Outperform from Sector Perform with an EUR 18 price target. Eni is starting to demonstrate value creation in its “satellite” strategy for the energy transition, through sell-downs in both Plenitude and Enilive at significantly higher multiples than its current valuation, the analyst tells investors in a research note. The firm says asset sales should help drive de-leveraging which makes Eni’s distribution plans more defensive than peers.