Deutsche Bank announced on Friday that it had slightly reduced its price target for Engie from 17.5 to 17 euros, while maintaining its buy recommendation on the stock.

The analyst's downward revision is underpinned by the sharp fall in electricity prices since the start of the year, which it believes is likely to have a negative, albeit moderate, impact on the energy group's performance.

While maintaining its forecasts for 2024 broadly unchanged, the intermediary indicates that it has lowered its earnings estimates for 2025 and 2026 by 5%.

For 2023, Deutsche expects Engie to generate recurring net profit at the upper end of the €5.1 to €5.7 billion range it has set itself, at around €5.5 billion.

For 2024, the professional says it expects net income of 4.4 billion euros, the upper limit of Engie's target of 3.8 to 4.4 billion euros.

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