Piper Jaffray sets "overweight" rating on Iberdrola Renovables

(ADPnews) - Oct 19, 2010 - Piper Jaffray has set at "overweight" its recommendation on Spanish renewable energy firm Iberdrola Renovables (MCE:IBR) with a share price target of EUR 3.60.

Iberdrola Renovables closed the first nine months of 2010 with a net profit of EUR 179.4 million (USD 249.6m), up 7.1% on the year. Earnings before interest, tax, depreciation and amortisation (EBITDA) also went up by 4.4% year-on-year to EUR 972 million.

The shares in Iberdrola Renovables traded at EUR 2.463, down 1%, at 0910 local time on the Madrid Stock Exchange today.

(EUR 1.0 = USD 1.392)

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