CaixaBI trims EDP Renovaveis price target to EUR 6.65

(ADPnews) - Dec 15, 2010 - CaixaBI reduced the price target on Portuguese renewables company EDP Renovaveis (ELI:EDPR) to EUR 6.65 from EUR 7.90, keeping the "buy" stance.
The new price target is giving a 54% upside potential to the stock, which traded today at EUR 4.351, inching down by 0.09%, at 1555 CET on Euronext Lisbon. EDP Renovaveis has slipped by 35% since the start of the year on the stock exchange.
The company is still trading at attractive prices with a significant discount, Helena Barbosa from CaixaBI said.
The definitive announcement of the electricity tariffs in Spain did away with the regulatory uncertainty in the country and could be a turning point for the sector. The sector companies have been particularly affected by the uncertainties in the neighbouring country and also by difficult market conditions, especially in the USA, Caixa BI said.
(EUR 1.0 = USD 1.335)

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