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Investing.com - RBC Capital upgraded Terna SpA (BIT:TRN) (OTC:TERRF) from Sector Perform to Outperform and raised its price target to EUR9.60 from EUR8.60.
The upgrade follows what RBC describes as recent underperformance in Terna’s stock, which the firm attributes to lower expected EPS growth in 2025. RBC believes this period of weakness is now over.
RBC expects Terna to deliver consistent mid-single-digit EPS growth through 2030, supported by robust Regulatory Asset Base (RAB) growth of 7%. The firm notes that while Terna may post the weakest EPS growth among Italian peers in 2025 at below 2%, its comparative growth should improve from 2026 onward.
A favorable cost of debt evolution is cited as a key factor in the upgrade, with RBC suggesting this would offset any potential negative triggers that remain uncertain at this stage.
The firm also points to a promising incentives framework under development within ROSS Integrale, which could accelerate EPS growth for the Italian electricity grid operator.
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