JPMorgan upgraded Eni to Overweight from Neutral with a price target of EUR 19, up from EUR 15.50. The analyst also added the shares to the firm’s Analyst Focus List. The firm sees an “inflecting” earnings cycle for energy names and priorities premium oil beta over gas, owing to the former’s structurally positive characteristics and lower OPEC-mitigated volatility. It therefore recommends majors over midcaps.
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