Oddo BHF confirms its 'outperform' rating on E.ON and raises its target price from €14 to €16, following the German energy group's publication of first-quarter 2024 results slightly ahead of expectations.

Also seeing positive catalysts for the coming quarters, the research firm is significantly raising its expected earnings trajectory for E.ON, incorporating 100% of its 2024-28 investment plan.

'Compared to the Utilities sector, the group suffers from a 10% discount and is among the most discounted players in the regulated sub-segment. However, it is one of the few players capable of presenting a self-financed growth plan", he adds.

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