On Wednesday, Eni suffered the second biggest fall in the FTSE MIB index after Berenberg lowered its recommendation on the stock from "buy" to "hold".

At around 3:00 pm, the Italian energy group's shares lost 1.5%, while the MIB was broadly stable.

In a note, Berenberg believes that the normalization of gas prices will penalize the results of the group, which it considers to be a major beneficiary of the surge in hydrocarbon prices over the last two years.

While it's true that the stock is not expensive, the adverse factors weighing on earnings and the prospect of a lower payout ratio to shareholders lead us to favor other names within the sector", explains the financial intermediary.

Berenberg has also lowered its price target to 15 euros, compared with 17.5 euros previously.

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