Kepler Chevreux ups Iren to 'buy', shares rise

Iren S.p.A.

16/01/2025 11:35

** Shares in Iren  IREE.MI  rise around 2% after Kepler
Chevreux upgrades its rating on the Italian utility to "buy"
from "hold" and hikes its PT by 9.5% to 2.3 euros
    ** The broker thinks Iren could recover from its 2024
underperformance, thanks to its "very cheap" valuation, noting a
5.4x EV/EBITDA and 8x P/E in 2025
    ** Governance issues remain unsolved, but the anticipated
confirmation of Gianluca Bufo as CEO could improve investor
sentiment, the broker says
    ** Out of five analysts that cover Iren, four rate the stock
"strong buy" or "buy", and ​one rates it "hold"
  

 (Reporting by Michela Stasio)
 ((Michela.stasio@thomsonreuters.com))