Italy's Snam shares fall as Exane downgrades to 'neutral'

Snam SpA

24/11/2025 08:48

** Shares in Italy's gas grid operator Snam SRG.MI down 1.3% after brokerage Exane BNP cuts its rating to "neutral" from "outperform"

** Brokerage downgrades after co reported around 30% YTD growth, in line with strong sector performance

** The brokerage flags Snam as "not expensive but after the strong performance, earnings growth is needed to justify further upside, and Snam has amongst the least in the sector"

** Exane also outpoints a lack of significant catalysts in the short term

** "We think Snam could unlock value by accelerating the divestments of non-core associates or increasing the dividend policy," Exane says

** Exane points to a target price of 5.5 euros ($6,34) per share from 5.7 euros previously stated

** "Termination of the OGE acquisition represents a setback which the company will need to address," it says

** Of 19 analysts that cover Snam, eight rate the stock "strong buy" or "buy," ​eight rate "hold" and three​ rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8676 euros)

 (Reporting by Romolo Tosiani)

 ((romolo.tosiani@tr.com))