MS ups NEOEN on limited downside risk but needs more visibility

Neoen SA

05/04/2023 12:08

** Morgan Stanley upgrades French renewables company NEOEN
 NEOEN.PA  to "equal-weight" from "underweight", seeing limited
downside risks for the group
    ** MS highlights re-based earnings expectations 2023-2025,
and a strengthened balance sheet following the 750 million euro
($821.40 million) capital increase last month
    ** While it affirms the valuation is more affordable, the
broker flags it needs "more visibility on value creation to be
more constructive"
    ** Out of the 10 analysts that cover NEOEN, five rate the
stock "strong buy/buy,"​ three "hold" and two​ "strong
sell/sell"
        ** Shares are down about 17.6%​ YTD, currently trading
at similar levels to those seen a year ago

($1 = 0.9131 euros)

 (Reporting by Dina Kartit)
 ((dina.kartit@thomsonreuters.com))