MillenniumIB cuts price target for EDP Renovaveis to EUR 6.0

Oct 18, 2011 - MillenniumIB has reduced the share price target on Portuguese green power firm EDP Renovaveis (ELI:EDPR) to EUR 6.0 from EUR 6.25.

The broker assigned a "buy" recommendation on the stock.

The target reduction reflects downgraded estimates for the company's earnings performance. The costs on financing also had a negative impact on the evaluation.

However, MillenniumIB still considers EDP Renovaveis an interesting stock. The main risk for the firm comes from the sector regulations in the USA and Spain.

The new price target gives the company's share a 41.6% upside potential. At 1111 local time today, shares in EDP Renovaveis were falling 1.1% to EUR 4.216 on Euronext Lisbon.

(EUR 1 = USD 1.369)

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