Oddo BHF maintains its 'outperform' rating on Engie and raises its price target from 18.5 to 20 euros, in the wake of an upward adjustment of its EPS estimates by around 3%, following a good performance in the first nine months of 2023.

"In addition to raising our estimates, we have rolled forward our model to 2024. The stock is currently trading at a discount of around 25% in terms of 2024 PE to its main comparables, which seems attractive to us', he adds.

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