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Investing.com - RBC Capital downgraded Eni SpA (NYSE:E) from Outperform to Sector Perform on Tuesday, setting a price target of EUR17.00.
The downgrade follows a period of strong performance for the Italian energy company’s shares, which have benefited from several corporate transactions in recent months.
RBC Capital noted these transactions have helped maintain Eni’s balance sheet strength, but suggested the stock is "due a breather after a strong run."
The investment firm expressed continued approval of Eni’s approach to the energy transition, stating that the strategy is now more appreciated by the market than when it was initially announced.
Despite the positive view on Eni’s overall strategy, RBC Capital indicated it sees "better risk-reward elsewhere in the sector," leading to the downgrade decision.
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