Jefferies analyst Ahmed Farman lowered the firm’s price target on RWE AG to EUR 36 from EUR 45 and keeps a Buy rating on the shares. The firm notes that year-to-date RWE’s stock has fallen c.25%, with a profit warning for FY24 in end-January. While commodity weakness and negative earnings revisions are likely to dominate the short-term debate, Jefferies sees RWE’s best-in-class balance sheet, ability to organically fund EUR 55B of renewable capex to 2030 and solid track-record on project execution as credible long-term drivers of the investment case.
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