On Thursday, Barclays downgraded its recommendation on Engie shares from "overweight" to "weight in line", with the target price maintained at 18 euros.

In a study of the European energy sector, the analyst points out that the French energy group's shares are still trading at a low valuation, with a PER of around 9x and a dividend yield of 8%.

But after its clear outperformance this year (with a total return of +18% since January 1, compared with an increase of 4% for the STOXX Europe 600 Utilities index), the intermediary says he sees less stock market potential in the stock, as well as fewer catalysts, compared with other players in the sector.

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