Engie has announced an upward revision of its full-year targets. In 2024, the energy group is now aiming for recurring net income (group share) of 5 to 5.6 billion euros (instead of 4.2 to 4.8 billion).

The energy group is also targeting EBIT excluding nuclear power of 8.2 to 9.2 billion (compared with 7.5 to 8.5 billion expected previously). This forecast is 3% above UBSe estimates.

The analyst points out that this upward revision of forecasts for 2024 is not taken into account by the consensus and UBSe. Following this announcement, UBS confirms its buy recommendation on the share with a price target of E17.

'Engie raises its guidance for 2024 on the basis of positive commercial performance and interest income. The group sees opportunities for organic growth in electricity networks' says UBS.

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